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Foreclosure Laws, will they help?


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I apologize if this thread is required to post in the "Mortgage" Forum. To the point - My father is extremely sick (and progressively getting worse) due to a 25+ years of having a degenerative disease. He is the owner several rental properties in NC. All the Vacancies, Maintenance Costs, Taxes, Insurance, in addition to a county with a 13.5% unemployment rate, my mother and father's credit has taken a beating. Even their personal home is in trouble. Because they had been recently taken advantage of by a Mortgage Modification Company. Anyway, it may pay to point out that the bank is what I consider an "independent, self-proclaimed hometown" bank that by-the-way, owns approximately 58% of the vacant real estate in my county alone. They are known to bend the rules in their direction, especially when it comes to collections. I am fairly certain they get by with breaking more rules, or even laws, compared with what a large chain/name bank could get away with, in the seven figures for generations. However, they have basically, due to my father's health, and now his damaged credit, will Foreclose on all the property they can. It appears that he is being blatantly discriminated against; mainly due to his handicap. It should be noted that fortunately my parents still have a very good monthly retirement income. You would think that the bank would consider refinance, given this fact. The bank has started the Foreclosure process on two of the rental homes and would not accept a two month reinstatement payment on the recent third home that has at least 65% equity, in a terrific part of town. They figure this would be a pretty easy score. that would have brought that particular mortgage current. My question being, Does NC law that grant the home owner the absolute right [the law] to re-instate (pay all that is in arrears) before the foreclosure? Also, given the fact that some mortgage laws have recently changed, or been implemented, (ie. the government's mortgage assistance program) can this bank be as "independent" and even what I consider "dirty," as they used to be? In other words, have the laws changed to maybe help my parents fight these Foreclosure(s) that this "hometown bully bank" has forced on them? Thanks, in advance, for your response to this matter.

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You are right this thread should be in the mortgage forum. Several years back I went through this type of situation myself. Unfortuantely, once the banks start the foreclosure it is almost impossible to stop. Based on your fathers health, you may consider trying to get a power of attorney so you may represent his affairs. Secondly, find an Attorney that specializes in foreclosures and bankruptcy. You may contact your State Bar and they can give you recommendations in your area.

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