Hi, I have a question about my Mom’s mortage. She has been living in a home for the past 15 years. She purchased the home for 29 thousand with something in the range of 10% intrest rate. 15years later she stills owe around 25 thousand and is now on a fixed income of about 900 a mo. Her monthly payment is more than half her monthly income and the mortage company which is Green Tree will not give her a loan modifacation or refinance.
what can she do to get a lower payment?
Is there any free or low cost organizations she can talk to ?
I’d suggest you start with contacting Green Tree and they appear to have some programs that might help. Visit this page for more information.
What is unusual is that she has made payment for 15 years and still has the original balance. Was this an interest only loan or did she fall behind or was late at some point?
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