Can Someone Else Make my Mortgage Payments

[Joe Smo]

So at this point I am very much underwater with my mortgage. Me and my husband have both had salary cuts that have made it nearly impossible to barely make ends meet. We've tried to refinance, get a loan modification, and have been denied for everything. We've tried selling our house, a short sale, and it never went through.

Right now me and my husband are pretty much the worst that it can get out there, and are faced with the only options of dealing with foreclosure or filing bankruptcy unless we do something about it. Our son has offered to pay our mortgage payments for us, is that at all possible, are we aloud to do that. And if so how do he, my husband and I file it on taxes?

[TomEason]

So at this point I am very much underwater with my mortgage. Me and my husband have both had salary cuts that have made it nearly impossible to barely make ends meet. We've tried to refinance, get a loan modification, and have been denied for everything. We've tried selling our house, a short sale, and it never went through.

Right now me and my husband are pretty much the worst that it can get out there, and are faced with the only options of dealing with foreclosure or filing bankruptcy unless we do something about it. Our son has offered to pay our mortgage payments for us, is that at all possible, are we aloud to do that. And if so how do he, my husband and I file it on taxes?

Sorry to hear of your situation. Your son can certainly help. Depending on his resources, with his help, you can either re-instate the loan, or re-apply for a loan mod. Now that you have another source of income, you can use that to qualify. Bear in mind, that the lender will require a document which proves your son's contribution. And, it cannot appear to be temporary, i.e. it should be on-going. The document can be a contribution letter, a note receivable (where your son owes you money, and describing the terms of the payment), or something else. FYI, a BK filing will most likely not save your home if you can truly not afford it. A Ch 7 won't unless you are current with the loan. A Ch 13 might, but you will need enough income to qualify for a Ch 13 plan. I recommend you submit a loan mod app ASAP. HAMP rules state a participating lender may not commence foreclosure proceedings while the borrower is under review for a HAMP program. Good luck.

P.S. I like your screen name!