My parents filed for bankruptcy and foreclosure once, what happens if our house goes on foreclosure again?

My parents just filed a mortgage with Option One along with a loan from a small company called Residential Access. I research Option One online and found many many many consumer complaints on them. Almost all of the complaints have said that they resulted in foreclosure after filing with them.





What do I tell my parents to do seeing the problems they are going to get into? We have already been in foreclosure (with another company) once and I don't know what will happen if Option One will send us to foreclosure.





How can I prevent this from happening? Can my parents switch to another mortgage company?





PLEASE HELP! my parents are not fluent in english so I have to help them with all this and I am fresh out of high school starting college so I have no idea how the mortgaging and financing system works.

My parents filed for bankruptcy and foreclosure once, what happens if our house goes on foreclosure again?
talk to a loan officer at you local back...he will guide you to your best options. One good thing right now...so many homes are in 'foreclosure' that the mortgage companies can't get to them all ..


sooner or later..you're going to have a problem, but maybe not for awhile. Talk to the loan officer at the bank.. good luck..your parents are so lucky to have a kid like you!!! ♥
Reply:Thing to do is to make ALL payments in full and on time. Then there's no foreclosure issue. IF some one loses a job and they're unable to make full payments, they should never NOT make a monthly payment, but always pay something. If there's any extra money, extra payments of principal should be made on the loan with the higher interest rate, even $50 a month, $100 every other month, $500 from your tax refund.





They would be better off having gotten one loan for the property rather than 2 loans. Hopefully they got a fixed rate loan for the main loan, although the second, smaller loan is probably adjustable. Interest rates are very low right now, so that's not a current problem.





Yes, your parents could switch to another company, but there are application fees and closing costs involved. You should have been more active BEFORE they did this new loan.





Is there a consumer advocacy or immigrant help group nearby? If so, go with your parents and all their paperwork and see what your options are, what they recommend. Make sure this is a reputable, NONPROFIT organization, or you're getting into deeper trouble.