Legal Question in Real Estate Law in California
I am a widow and I had surgery in April and have not been able to work since. I was able to make my house payments until Aug. but now am not able to since I do not have any income. I am trying to go on disability for physical and mental reasons since I am suffering from depression along with my physical illnesses. I have talked to the mortgage company and explained my situation and am concerned about them forclosing on my house. If I am able to pay "something" like a hundred dollars as a show of good faith, could that possibly "delay" the forclosure? I am doing the best I can since I have no other means of income. I appreciate your time and any help you can offer since I am desperate.
2 Answers from Attorneys
Without knowing what percentage of your payment would be represented by $100, I can't say if that might be acceptable to a lender or not, but I doubt it. You need to keep in constant contact with the mortgage company so their actions do not take you by surprise, and you need to be prepared to file bankruptcy to stop the foreclosure if necessary. You also need immediately to get on whatever public assistance or disability you can, so you have some income to show the mortgage company.
You are not likely to qualify or succeed at getting a loan modification. If you can't or won't sell your house to avoid foreclosure, you need to seriously consider obtaining a 'reverse mortgage' from a reputable outfit. That will pay off your existing mortgage and make your remaining equity available to you for your living expenses. Do your research.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
