Inherited Home Mortgage Solutions

Summary

If you inherit a home with a mortgage in Louisiana and its behind on payments, the lender may foreclose. Options to prevent foreclosure include loan modification, forbearance, refinancing, or selling the property. Consider consulting a local attorney for personalized advice.

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I inherited a house from my mother that still has a mortgage on it and it is behind. I have lived there for three years and invested a lot of time and money into repairing it. Can mortgage company throw me out?
Hey ****, sorry to hear about your situation.
In Louisiana, if the mortgage is behind, the mortgage company may initiate foreclosure proceedings to sell the house to recover the owed amount. However, there might be options to prevent foreclosure:
- Loan Modification: Renegotiate the loan terms.
- Forbearance Agreement: Temporarily reduce or suspend payments.
- Refinancing: Obtain a new loan with better terms.
- Selling the Property: Sell the house to pay off the mortgage.
Would you like more details on any of these options?