If he's 2 months behind on his current mortgage, it's going to be difficult for him to refinance, especially if his last refinance helped get him to where he's at now. He needs to do something to help increase his income or reduce his other expenses or do both. You don't tell us enough about his situation for us to advise how, but that's the crux of the situation.Anyone have any suggestions on how my brother can get caught up on his mortgage?
There are 3 basic options he has, depending on his situation:
1. Get current- obviously he can pay the $3000 he's behind plus penalties, plus the next month's payment. But that can get expensive.
2. Loan modification- this is when the lender tacks on the missed payments, interest, and penalty fees to the end of the loan. He would generally make the same payments, but for a little while longer.
3. Loan Forbearance- this is when the lender agrees to delay your payments for a short time. They will usually divide the past due amounts onto his current payments over a 6 month timeframe or so. In this case with him 2 months behind, they would have him pay $2000 ($500 extra per month) for 6 months to make them up.
Have him call his lender and ask about these options. Let him know each option so that he is informed when he calls. They will probably ask him why he is late and what his current situation is. They will use what he says to determine what kind of help he is eligible for.
If he can't end up getting caught up, he will either have to sell or face foreclosure. If he has equity to sell it, this is his best option. If not, he could try doing a short sale, which is when the bank agrees to take less on the house than what is owed. They will do this because they want to avoid going to auction (expensive for the bank). I can get you more info about it, but it's way too much for this already long answer :)
He needs to call his mortgage company and ask what his options are. You would be surprised at all the workouts lenders offer. They do NOT want to foreclose on most loans. He should be prepared to provide his current income and monthly obligations to the work-out officer. He should ask for a permanently reduced interest rate. He will probably be required to make 3 monthly payments at a reduced amount on time first. Tell him NOT to avoid talking to the mortgage company. They really can help in almost all situations. I work for a lender, so I know.
you can take a holiday from your morgage, if u speak to sum1 from the mortgage provider's they will tel you how to go abot it!! banks lose money when they have to reprocess so they will help you just need to ask them and come up with a solution!
the hole holiday from u mortgage is no joke, the bank give you in in order to help you egt on your feet
hope it helps, check it for yourself no harm in trying
He needs to get another job. Work nights and weekends. 1500 is below average and most of that is taxes and interest. Since he just refinanced that is out of the question.
Also should cut expenses and sell some possessions. Maybe he should ask for help in budgeting.
The only way he can get caught up at this point is to pay $3500 directly to the mortgage company. One more month without payment and he goes into foreclosure. He could get a second job.
roommates.
can you loan him the money?
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