My cousin has had the luck of riley upon him.
Everything was going great, then wham. Boss' son needed a job, so boss cut his pay by 40% in order to get his own son on the books.
Cousin Bill has had 4 recent mortgage lates (30 days), modification didn't work with BofA. He's currently signed out money from an annuity to bring current.
House is up for sale, but not sold. Unfortunately there are lots being GIVEN away to complete the development. I am guessing that houses will again move when the last 3 homes are finished.
All his debts (about $15k) is with a dmp.
If house sells, worst case scenerio...He has a nice chunk to apply $65,000 toward a home priced at $100,000. When will he be eligible to apply and qualify for another mortgage? He also has $50k in 401k which does allow for a hardship loan to purchase primary residence. If he can't get the mortgage, at least he has the funds to purchase this little house (which rocks, btw).... Thank you for your assistance. Times are tough and bad things are happening to good people.
