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APR is high and a ballon balance is due?

my mom owns a house, but has to morges on it due to her bad credit, my dad lives at home aswell and pays for the house, they cannot refinance it because their credit is bad and they dont have enough income, they also have a ballon balance thats due in Feb 2009, what kinds of programs are out there to help them.!! please me help them, im running out of ideas and ppl to turn to, my parents both speak russian and have younger children.

Public Comments

1. The only way they can avoid being foreclosed on is to refinance their balloon payment. Have your parents contact their lender to find out if there are any programs that can help them. Most likely, they are going to have a hard time refinancing if they have 2 mortgages and bad credit. They may be facing a foreclosure.
2. I heard this on CNN. There is a federal program out there to help people restructure their mortgages. The first step is for your mom to exhaust herself trying to talk to the mortgage company. If they do not help, there are government people that have pull and will talk to the company for you. http://www.hopenow.com/ 1.888.995.HOPE HOPE NOW is an alliance between HUD approved counseling agents, servicers, investors and other mortgage market participants that provides free foreclosure prevention assistance. /