QUESTION
What are my son's options if hey can't pay the mortgage and the lender will not modify the loan?
Asked on Mar 12th, 2012 on Foreclosures - Mississippi
More details to this question:
My son's house was sold back to the original lender in a sheriff sale. The deed is in the lenders name. He now is paying the increased taxes because of the sale and is severely underwater with the new mortgage. I wondered what his options are if the lender will not modify the loan? Can he walk away?
3 ANSWERS
Commercial Bankruptcy Attorney serving Davie, FL
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Law Office of Jeffrey Solomon
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If the foreclosure was completed the bank now owns the property. The bank could later sue your son for a deficiency judgment.
Answered on Mar 14th, 2012 at 4:12 PM
Jeffrey Marc Siskind
Unless your son has made a deal with the lender/owner to stay in the house, he should not be paying property taxes; they are the lender's responsibility now! If the lender bought in the property, the mortgage goes away through merger. Only a deficiency judgment which could be collected.
Answered on Mar 14th, 2012 at 10:20 AM
Chapter 7 Bankruptcy Attorney serving Clinton, MS
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Timothy Kevin Byrne Attorney at Law
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Does your son own this house. Your fatcs are not clear. If he owns the house and cannot pay or modify the mortgage, at some point it should be foreclosed.
Answered on Mar 13th, 2012 at 2:11 PM