Wrap Around Mortgage?
What is a wrap around mortgage? I currently owe 60K on my home and I want a family member to have the property. My selling price is 170K. How would this loan benefit me and how does it work?
We have a court date set for the 20th but are looking for others who may be going thru what we are going thru so that we can hopefully get a continuance. We have been battling this company since Feb of this year for being 2 months behind due to job loss. We asked them for a payment wrap around and then were informed 1 month later that we didnt qualify because we had a subprime mortgage. We then got the money we owed them and when we sent it they sent it back and said that our house was already in foreclosure. We had to hire an attorney to get them to take half the money and work out a forebearance. Then we signed on for a loan modification, they denied it and sent back our money again, then we agreed to do a deed in Lue of foreclosure and again we were denied. We want to keep our house but since they refuse to take our payments we are not sure what to do. We cannot hire any local attorney’s because they all either work for WFHM or sit on the Board of directors and it creates a conflict of interest. Any suggetions would be helpful