56 asked:


I am living in my parents home the home i grew up in and i aquired it in my dads will. Its been through probate and it has 2 mortgages both for 50,000 dollars each. i do not want to sell. I only make 23,000 a year and my credit is not very good. what are my options?

SHELDON

2 Responses to “I am in foreclosure on 2 mortgages on my parents home they left me in their will. what are my options?”

1. Etta P on July 14th, 2008 11:43 pm

   If you’re having trouble paying your mortgage or you have gotten a foreclosure notice, contact your lender immediately. You may be able to negotiate a new repayment schedule. Remember that lenders generally don’t want to foreclose; it costs them money.

   Other foreclosure prevention options, including reinstatement and forbearance, are explained in Mortgage Payments Sending You Reeling? Here’s What to Do, a publication from the FTC. Find it at.

   You also may contact a credit counselor through the Homeownership Preservation Foundation (HPF), a nonprofit organization that operates the national 24/7 toll-free hotline (1.888.995.HOPE) with free, bilingual, personalized assistance to help at-risk homeowners avoid foreclosure. HPF is a member of the HOPE NOW Alliance of mortgage servicers, mortgage market participants and counselors. More information about HOPE NOW is at.

2. axaroth on July 15th, 2008 10:20 pm

   I second that advice—

   Call the lenders of your two mortgages, explain your situation, tell them you do not want to be foreclosed, and ask what they can do to help.

   Have you considered getting a roommate to help you pay the bills around there?

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