Home Buying in Redlands>Question Details

Paul, Other/Just Looking in Redlands, CA

Family friends 62 plus with some health issues. Paid $590,000 for the house, current worth $300,000. Could not afford & did not make a payment?

Asked by Paul, Redlands, CA Sat Aug 3, 2013

for 15 months to bank of america. like to stay in the house. What are the options?

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Answers

5
Well they could stay for a while if they file chapter 13. BofA does have some sort of rent back program, Or at least they did at one time, I would call them and ask them.
0 votes Thank Flag Link Tue Aug 6, 2013
Hello Paul, fortunately, your friends have few options:
1- A possible loan modification with a professional attorney or they can do it themselves directly with the lender.
2- If lender rejects the loan mod, the other option is to short sell their house. I understand they would like to keep it, but it's a decision they have to contemplate.

Please have them talk to a real estate attorney with experience who could lead them to the best choice that they can live with.

Best wishes,
George Rahal
S&S Investment, Inc.
0 votes Thank Flag Link Sun Aug 4, 2013
I don't see many options to stay in the house. They have been blessed already too live there payment free for 15 months so far.

Most likely it's time to start thinking of other living options.
0 votes Thank Flag Link Sat Aug 3, 2013
Hello Paul,

Your family friend may have the option of a loan modification to help them stay in the home. They should speak with Bank of America and see what programs are available to them. Time is of the essence when payments are missed. I would need more details of their situation to better assist your friend.

Warm regards,

Thomas Jackson.

Redlands Real Estate Guy
951-232-9704
0 votes Thank Flag Link Sat Aug 3, 2013
Short sale sounds like a great option for you.
0 votes Thank Flag Link Sat Aug 3, 2013
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