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Updated about 9 years ago on . Most recent reply

User Stats

12
Posts
2
Votes
Csaba Bartha
  • Miami Beach, FL
2
Votes |
12
Posts

Loss mitigation/ Mortgage broker

Csaba Bartha
  • Miami Beach, FL
Posted

My parents own an apartment in North Miami. After they retired and the bubble, they couldn't pay the rent. A lawyer is working on the case to modify the loan for the last 6 years but nothing happened. The lawyer takes a $500 fee/month and do not need to pay the mortgage, the house is rented. 

Now on the meeting/loss mitigation nothing happened, postponed it again but with time the amount is just gets larger. 

Is this a normal procedure ? 

Is there any other way to get the house back since there was an $40,000 down payment on a $210,000 house. The latest balance on the house is $245,000 house. The current value of the house is around $210,000

Please, if anybody knows what options are out there, maybe a mortgage broker specialist !!! Is there any way to buy the house back on short sale? 

Thank you 

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