The home is underwater it seems and 15 years of payments would be half of the original loan plus interest. They owe 177,000 and don’t have insurance to back it up. It would seem as though they never had a plan to take care of this mortgage.
15 years of payments on a 30 year mortgage would be less than 1/3 the original loan.
It would seem as though they never had a plan to take care of this mortgage.
A plan? Who has a plan other than to make the payments each month? They were current on the mortgage, requested an adjustment and had to default to qualify for the adjustment. That's when the trouble started.
A plan?