Is this a good solution to my father's mortgage payment problems? 5 Answers as of April 10, 2013

My father is retired military, and he is unable to pay the full amount of his mortgage every month since he doesn't get as much money as he used to. The mortgage company will not accept payments lower than what is agreed, and we are almost 20,000 dollars in debt. Another lawyer said to my father that if he tells him all the money he is receiving, which includes disability and retirement payments, than the company will only take a certain amount each month. My father will have left over money to be able to pay any other financial expenses, not including the electric or water bills. I wanted to have a second opinion. Is this true?

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The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
You have to apply for a loan modification, but if you can not pay your bills, you will probably be denied by the bank as you have to show a surplus to get approved. However, if there are different programs for military, you can look into that.
Answer Applies to: New York
Replied: 4/10/2013
Durham Jones & Pinegar | Erven Nelson
It is possible that the mortgage company would modify the mortgage based on your father's financial condition.
Answer Applies to: Nevada
Replied: 4/10/2013
Stacy Joel Safion, Esq.
Stacy Joel Safion, Esq. | Stacy Joel Safion
No, it is not true. Retirement pensions and all things similar are exempt from collection after a judgment. The worse that could happen is he would loose the house. He should sell the house.
Answer Applies to: California
Replied: 4/10/2013
Frank Law Group, P.C.
Frank Law Group, P.C. | David E. Frank
You are wise in getting a second opinion, but you and your Dad really should arrange an appointment with another lawyer. There are too many questions/issues that need to be addressed to give you a solid answer over the internet.
Answer Applies to: California
Replied: 4/10/2013
Law Office of D.L. Drain, P.A.
Law Office of D.L. Drain, P.A. | Diane L. Drain
This does not make sense unless that other lawyer is referring to some type of loan modification.
Answer Applies to: Arizona
Replied: 4/10/2013
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