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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

8 Thoughts on Should my parents stop their mortgage payment? Will they foreclose my house?
  1. Reply
    Common Sense
    December 2, 2011 at 10:37 pm

    Likelihood is ZERO. And they WILL foreclose if they don’t pay.

  2. Reply
    s and d e
    December 2, 2011 at 11:11 pm

    so, they have an island home but can’t afford to pay for this home? they need to sell the house, pay the bill and move to the other home they own. if they stop paying for the home–they will be foreclosed on. IF the home goes thru a modification-yes, they can foreclose while it is going on. only about 4% of the people that have applied for modification have gotten it. tell them to quit looking for a free ride and pay the bills!

  3. Reply
    acermill
    December 2, 2011 at 11:30 pm

    Your parents will not qualify for any sort of ‘home loan modification’. They will be required to submit financial documents to the lender for analysis. When the lender sees ownership of a ‘fully paid home on an island’, they will be rejected. The lender will expect them to sell such home so that they CAN make their mortgage payments.

    If your parents do not pay, foreclosure will follow. Moreover, they may be sued for any deficiency because they have this ‘island home’ as a debt free asset.

  4. Reply
    Mrs_O
    December 2, 2011 at 11:52 pm

    Because they have another home, which is paid in full, they will not be approved for a modification. They need to sell one of their homes. The loan modifications are hard to come by and they aren’t for people with 2 homes, they are for people barely holding onto 1.

    I seriously doubt your parents will get any sympathies from the bank or yahoo posters because their situation is far from dire.

  5. Reply
    Kittysue
    December 3, 2011 at 12:48 am

    They are going to have to sell one of the houses.

  6. Reply
    Jennifer
    December 3, 2011 at 1:13 am

    Have them call the bank they have to initiate the loan modification process most banks take about 45 days to get the paperwork to you for the modification and a couple weeks after that to review do your best to get direct contacts at the bank there extensions and managers names it will help you make sure to keep on top of things loan mods go through the home retention dept which is basically collections and there set up to get payments more then process the paperwork for modification so you will need to be proactive have your parents also send in a letter authorizing you on the account this will allow you to help and speak with the bank which will alleviate some stress from your parents and avoid any bullying. Do not go to any third party that claims for a fee they will modify you most are scams and the rest are just calling the bank and doing the same thing you can do on your own for free, loan modification is changing the current loan only the loan holder can do that. Hope this helps My best advice just be honest with the loan company they make more money keeping you in the home then foreclosing they will try to help.

  7. Reply
    Landlord
    December 3, 2011 at 2:04 am

    Your parents will never qualify for a modification while they own property that they can sell to pay their bills.

    If they do not pay the mortgage a foreclosure is 100% for them.

  8. Reply
    Ryder
    December 3, 2011 at 2:59 am

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