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My mom needs money to save her home from a balloon mortgage.What can I do?

This is a discussion on My mom needs money to save her home from a balloon mortgage.What can I do? within the Credit forums, part of the Main Category category; The amount she will need by the 1st of Feb. is $20,000.00 to satisfy the balloon mortgage that ...





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Old 12-17-2008, 12:56 AM   #1
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The amount she will need by the 1st of Feb. is $20,000.00 to satisfy the balloon mortgage that was purchased form the mortgage company by her neighbor who will then kick her out. HELP!!!!!
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Old 12-17-2008, 01:11 AM   #2
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You may try at some private business like Advance cash, Cash Call, any kind of private loaner. The interest may be high. But, I think the risk and high interest may worth it.
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Old 12-17-2008, 01:37 AM   #3
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seek advice from a debt information organisation, in england we have many of these organisations who will give you good advice and even contact the company to which you owe the money and to come to some sort of arangement with them . The important thing is that your mother seeks help NOW and does not leave it till the last minute. here we have the citizens advice organisation I am sure you will have similar people to help with your debt.
regards mick
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Old 12-17-2008, 01:37 AM   #4
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All this is going to depend on her credit rating. If she has good credit, she needs to go to her bank and see if they can pick up the loan and put her on a payment plan and the bank will pay the amount. If the bank won't do it, then she needs to find a finance company. If they can't do it or she doesn't have good credit, she needs to sell the home to a family member willing to help that does have good credit so that family member can get the loan, then you can go to an attorney and draw up some paperwork where your family member can then sell the home back to her as an owner finance but be sure you draw up some paperwork for the agreement. I am not a financial advisor, but these would be what I would try in your situation. Your neighbor is sorry and needs to be exposed for taking advantage of people.
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