In Over Her Head

Expert, localized Los Angeles answers provided by Heather Roy

In Over Her Head
	I recently purchased a home in good faith to save a close family member from foreclosure, but in the process I can't afford the monthly mortgage payments. I am a 23 year old single mother, with an annual income of $21,000. My monthly mortgage is $3,585.21, not including taxes. What options do I have as the consumer to prevent from foreclosing?

	I can't believe anyone made you that large a mortgage loan on your income. You must be paying a horrendous rate of interest. You can start by contacting your lender to see if they have anything to suggest. Mention that you are taking the problem to the New York State Banking Department, which oversees mortgage lenders. And do so -- the banking department's consumer hotline is 1-877-266-5697. You can also call the State of New York Mortgage Agency, which may have some help for you, at 1-800-382-4663. Let me know what happens.
	Edith Originally published on November 9, 2007

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