Bankruptcy Law
Money Management

Is there any assistance available for a family about to lose their home because of a lack of enough money to pay the mortgage?

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September 17, 2007 1:34PM

One can apply through the mortgage co. through certified mail return receipt requested to them for what is labeled a hardship form application. They shall co-operate. Good Luck! I disagree with the above...entirely. Other than special programs for Katrina Relief type events, no mortgage company has or is required to give any releief because someone has a "hardship"... as the banker/investor or rep of same, their only real obligation is make sure the terms are held to, and the maximum amount of financial return for their party is made. Anything else would simply be a derilection of duty. One option you have is to selll your home and purchase one you can afford. Or get other work that pays more, or suppliments. or take in renters. No bank, government, lender or other person really has any obligation to pay for the one you feel you want to have to go with the life you want to lead. If the problem is temporary and you have a proposal that will assure the lender gets all they expect and allows you to work through it, sure. But just to tell them your a bad loan waiting to spoil, advising your lender that you are having financial difficulties paying them and can't see it any other way, can have the effect of alerting them to watch your account closely.