What to do if my parents are both on social security and can no longer afford their mortgage?

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What to do if my parents are both on social security and can no longer afford their mortgage?

They have no pensions or 401k and no savings. They had a 6 month loan modification. The 6 months is over and they are back up to 10% interest. They cannot afford to pay anymore and their lender has no interest in continuing modification. What would be their best course of action? They don’t have money for a lawyer and neither do I or I would help them.

Asked on October 23, 2012 under Real Estate Law, New Jersey

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If your parents cannot afford their home any more then they should consider the following options:

1. selling the unit;

2. renting it out assuming the rent monies will be able to service the property's monthly debt load;

3. consult with the lender regarding their predicament to see what can possibly be done to help them;

4. contact your local legal aid clinic for assistance since you and they cannot afford a private attorney.


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