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Due to loss of income of approximately $2,000 per month, an adjustable mortgage and other financial issues that has affected in the last two years, my parents are behind in their mortgage payments. The bank adds all types of penalties and late fees that makes very difficult to catch up. Is there an agency that I can contact for assistance?

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You may also consult with an elderly law attorney who only handles senior citizen cases. They will be able to offer any and all advice and suggestions to help you parents. Choose carefully, some are only in it for the money. Check references and/or get recommendations from senior centers. Been there done that.
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I agree with either the reverse mortgage, so they can stay in their home, or selling and moving to an assisted living facility. A reverse mortgage will help if they are not too far in debt. In the case of selling, check into a short sale, which the real estate agency may cover all unexpected costs. The agency will explain all the ins and outs. Worth checking out.
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Yes, the agency is a realtor who can sell the house they can no longer afford. What makes you think someone will come to their rescue? We haven't turned to socialism completely, but they can speak to a mortgage lender who might refinance and restructure the loan. "There are no free lunches" still applies.
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Mom and I do not have a mortgage; I still live in the CA condo, but Mom has been moved up to assisted living OR where costs are cheaper. Unfortunately, I have been unemployed for over a year, yet Mom counts on me to pay our bills because she is paying for her own care. My family cannot afford to support me, so know I have applied to the CA Dept. of Rehab to try to retrain and get back to an office job in the crazy market. I have 5 to 7 years to find work or my funds could run out. I cannot sell our property until after Mom, who is now 93, passes.
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Pop, have you or your parents discussed this with their mortgage lender? Depending on how far behind they are, and what the circumstances are, there may be ways the lender can help. There are also government programs (HARP II, for example) that may allow them to refinance. The Collections people at their mortgage company have Loss Mitigation counselors you could talk to to review your options. Also, check with your local Council on Aging or Senior Resource Center for suggestions if the lender cannot or will not help. They should knowif there are any State programs available.
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A reverse mortgage is a good idea. If you have never looked into it, it does work well. My grandparents were able to pay off all of their debts, purchase their burial plans, buy two new cars and still have money to spend. And they were not wealthy people. They just had a lot of value in their house that they had purchased in the 40's. It may not be for your parents, but it is a viable option for most seniors.
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You may want to talk to a credit counselor, because there are probably more upaid bills in the stack. Bankruptcy may be an option,
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When my mother was sick and I lost my job, we went through the same problem. I don't know where you are located, but if in Florida; there's a program called Florida Hardest Hit and they may be able to help. If they can't go directly to the bank and explain the problem; they may be able to modify their mortgage. With today's economy many banks are willing to work with the homeowners, so don't give up. Just be honest and truthful and I'm sure they will help.
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My husband and I were behind one month which we could not catch up with and it snowballed. We ask for help from the mortgage company and after lots of paper work we got a lower payment and current forgiveness on the amount . Which will be due at the sale of or at the end of our mortgage. By my calculations will be way after we die. Help them with any and all paper work that would help them out and seek out side help if you are not able to walk them through all the paper work required.
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