Heidi Mcleod Law Office PLLC
San Antonio Law Office.
San Antonio Law Office.
Restructure your mortgage without filing for Chapter 13.
Loan Modifications are not dead.
Many people think that because the HAMP program ended in 2016, that mortgage companies are not doing Loan Modifications anymore. This is not true. There are several programs available to homeowners. Some are based upon the value of the home, some are based upon the amount of arrears. The paperwork can be confusing and the mortgage companies can be hard to deal with.
Heidi can help you navigate the process and deal with the mortgage companies.
Make an appointment today to discuss your options.
REVERSE MORTGAGE LOAN MODIFICATION
A reverse mortgage may seem like a way to keep folks in their home and either give them a monthly income or a lump sum payout as access to their equity. The downside is the cost of maintenance, taxes and insurance sometimes exceed the cost of living elsewhere.
If taxes and insurance are not maintained and the mortgage company pays them for the homeowner, this is a breech of the Reverse Mortgage contract and can result in the mortgage company moving to foreclose on the property. In 2015 HUD expanded the rules for repayment plans to allow up to 5 years to repay the debt. If there is sufficient equity in the property, it may be used to pay the taxes and insurance.
There is another program for at risk borrowers If the youngest borrower is at least 80 years old and the lender has determined that the borrower has the following qualifications:
- A supported terminal illness,
- Substantiated long term physical disability or
- A “unique” occupancy need such as the terminal illness of a family member receiving care at the residence.
This is a one year reprieve that must be applied for every year until the debt is repaid or the person no longer qualifies for the program.