They go through Wachovia and we are already behind a month or two. My parents have run into medical problems since the beginning of the year and because of the lack of money we are behind. My mother would also like eye surgery so she can see better, but she has to hold off for now.
My questions are:
What is likelihood of us receiving a home loan mortgage if we are already behind on payments two months?
Should we continue not to pay the mortgage in order to qualify for a home loan modification?
When does the process off home loan modification start? and can they foreclose our home while in this modification process?
Btw I just finished my first year of college and am almost ready to leave on a two year mission for my church. I have learned more in these past two days about financing and mortgages than I have in all my years in high school. I also don’t have a job since I am leaving in less than a month.
I don’t want to lose this house. My parents have another house on a island that we’ve already paid for a long time ago, but my parents are far from retirement. I am also far from being able to get a job, but has considered holding off college and church related stuff until my parents are financially stable.
Much help would be appreciated 🙂
Also I’ve told them to pay minimum payments on all their payments and take care of the smallest bill, but they won’t listen to me. They are both stressed out which makes me sad and a little stressed. Thanks for your help