Loss mitigation/ Mortgage broker
My parents own an apartment in North Miami. After they retired and the bubble, they couldn't pay the rent. A lawyer is working on the case to modify the loan for the last 6 years but nothing happened. The lawyer takes a $500 fee/month and do not need to pay the mortgage, the house is rented.
Now on the meeting/loss mitigation nothing happened, postponed it again but with time the amount is just gets larger.
Is this a normal procedure ?
Is there any other way to get the house back since there was an $40,000 down payment on a $210,000 house. The latest balance on the house is $245,000 house. The current value of the house is around $210,000
Please, if anybody knows what options are out there, maybe a mortgage broker specialist !!! Is there any way to buy the house back on short sale?
Thank you