That is good news Chase. It's always good to see that the system works.

Naima

Thanks for all of the responses. My dad was finally able to get in touch with someone in the negotiations division at the bank and they are going to tack on the late payments to the end of the loan! In addition they are going to reduce the interest rate to 4% for the first year and then it will go up 1% each year thereafter and will cap out at 6.9%. What a blessig that will be for them. Thanks again for the help!

Chase

1. Cure the debt.....typically the bank will send out a cure letter telling them what they need to do to get current.
2. They may also need to pay off the taxes.
3. You can check with a title company in the area to run a quick title search and see where they stand.
4. If their circumstances have change....for example they were sick for 2-3 months and now they're back on their feet and able to make payments, they could ask for a loan modification. Typically that would add the 3-4-5 months worth of payments to the end of the loan.
5. If their circumstances haven't changed and they just can't afford to make the payments, the bank may not want to do a loan modification if they don't think your parents can continue to make the payments.
6. The other idea is to sell the house and move into something cheaper.
Good luck.

Chase, Here's a link to a program you might want to talk to for advice..http://www.995hope.org/
24hr/7day counseling non-profit HomeOwnership Preservation Foundation

http://www.federalreserve.gov/consumerinfo/foreclosure_consu…
Different resources for information

http://www.lsc.gov/map/lscinfo.php
Information on how to find free legal assistance in each state.

http://www.avvo.com/legal-guides/Texas-Free-Legal-Resources
Free legal resources in Texas..

Good luck, Dunes

You may want to enlist the help of a real estate attorney. What are the exact circumstances that forced them to fall behind on payments? If they simply pay the back payments and get caught up they can get out of the foreclosure. If your parent's circumstances are temporary such as a temporary job layoff or a large unexpected expense then my bet is the bank will work with you. If it's permanent and they just cant afford to live there then they're probably out of luck.

If they are both over 62 you may want to look into a reverse mortgage.

As far as the title stuff goes, contact the title company that handled their original mortgage and see about getting a title search done

Sorry to be vague but you didnt really give a lot of details.

Sorry to hear about the trouble Chase.

They can have a title company do a title search on their property. Cost about $60-100.

Feel free to contact me offline and I'll give you a recommendation.

Naima
214-289-8555
Naima@Sumner-Realty.com