The loan modification process undoubtedly takes time and can be a confusing process for some struggling homeowners. While Florida homeowners await approvals of loan modification applications, the struggle to keep up with mortgages can persist and make the financial distress even greater with each passing day. For one couple, the wait on a pending application for a loan modification resulted in possible foreclosure of that home.
The couple in the midst of the problem are a World War II veteran and his wife of over 60 years. The elderly couple realized they were falling behind on their mortgage payments and took steps to quickly fix the issue. While their application for a loan modification was pending, they started receiving foreclosure notices. Then they were told the home was sold without the couple’s knowledge.
As it stands now, the couple, both of whom are in their 90s, will be evicted from the home in the winter. In order to avoid this, it is reported that they must pay $300,000 to buy back their home. Representatives helping the couple are trying to take action against the lienholder, because they contend the couple has been the victim of an entity not honoring the loan modification.
While a loan modification may be the best avenue to help certain Florida homeowners, the process and facts about the terms need to be thoroughly understood and investigated. Other options may be better and help families who are in temporary financial trouble, such as Chapter 13 bankruptcy. For some, the option to repay mortgage debt over time and regain financial control through a payment plan may be the most economically sound way to avoid home foreclosure.
Source: wxyz.com, “89-year-old veteran and wife could be evicted after abrupt foreclosure”, Jane Park, Nov. 12, 2015