Surviving Spouse facing possible foreclosure

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ARNGUS
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Surviving Spouse facing possible foreclosure

Postby ARNGUS » Wed Sep 14, 2016 9:21 pm

Hi everybody,

My mother is a Surviving Spouse of a deceased Veteran. Due to unforeseen circumstances, my father, a retired Veteran, passed away on August 31st, 2015.

Recently, my mother is unable to upkeep the mortgage payments. She tried a Loan Modification and Assumption but to no avail. The bank simply told her that she does not receive enough money in order to qualify to have her mortgage payments lowered. She only receives $1,409/month gross ($1,288/month net) from Social Security. The mortgage payments alone are $964.63/month, and this is not including the Homeowners Association (HOA) dues and utilities.

The mortgage itself is from a Veterans Affairs (VA) lender, but was bought-off by Wells Fargo. My parents purchased the house in December of 2014.

She has considered alternative options such as renting, but even her limited Social Security payments prevent her from doing so. Most apartment complexes in the area require a fixed annual income. For example, my mother grosses $16,908/yr, but they want at least $28,000/yr to ensure she's capable of maintaining the rent in the event that it should rise.

Some other options included refinancing and/or reversing the mortgage. Unfortunately, my mother is merely a co-signer, and my deceased father is the borrower. I looked into the VA IRRRL program, but she is unable to qualify because she is not even considered a co-borrower. Nobody will conduct a reversal as well because her total mortgage is $120,463.69. Her age isn't a factor since she's 69 years old, but again, the mortgage is pretty hefty.

Simply put, is there any assistance that can prevent foreclosure from happening? Fortunately, no proceedings have started yet, so she does have a little bit of time. She is currently located in West Palm Beach, FL.

Thank you for your help.

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Re: Surviving Spouse facing possible foreclosure

Postby Admin » Thu Sep 15, 2016 8:18 am

It sounds like you have done a lot of work in trying to get mortgage help. For further ideas, we always recommend starting with a non-profit HUD certified counseling agency. There are many of them in Florida. Since the loan is from a VA lender, there may also be additional programs that a HUD agency is aware of. Also, some veterans focused homeless/foreclosure prevention programs include SSVF (Support Services for Veteran Families) and the agency may have others. Try this for a list of Florida HUD counseling agencies.

ARNGUS wrote:Hi everybody,

My mother is a Surviving Spouse of a deceased Veteran. Due to unforeseen circumstances, my father, a retired Veteran, passed away on August 31st, 2015.

Recently, my mother is unable to upkeep the mortgage payments. She tried a Loan Modification and Assumption but to no avail. The bank simply told her that she does not receive enough money in order to qualify to have her mortgage payments lowered. She only receives $1,409/month gross ($1,288/month net) from Social Security. The mortgage payments alone are $964.63/month, and this is not including the Homeowners Association (HOA) dues and utilities.

The mortgage itself is from a Veterans Affairs (VA) lender, but was bought-off by Wells Fargo. My parents purchased the house in December of 2014.

She has considered alternative options such as renting, but even her limited Social Security payments prevent her from doing so. Most apartment complexes in the area require a fixed annual income. For example, my mother grosses $16,908/yr, but they want at least $28,000/yr to ensure she's capable of maintaining the rent in the event that it should rise.

Some other options included refinancing and/or reversing the mortgage. Unfortunately, my mother is merely a co-signer, and my deceased father is the borrower. I looked into the VA IRRRL program, but she is unable to qualify because she is not even considered a co-borrower. Nobody will conduct a reversal as well because her total mortgage is $120,463.69. Her age isn't a factor since she's 69 years old, but again, the mortgage is pretty hefty.

Simply put, is there any assistance that can prevent foreclosure from happening? Fortunately, no proceedings have started yet, so she does have a little bit of time. She is currently located in West Palm Beach, FL.

Thank you for your help.


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