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Life insurance a mortgage lifeline

Home Sale Hindsight

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Q: I co-owned a home with my mother, who passed away about seven years ago. She had put my name on title before she died, but didn't really tell me anything about the mortgage situation except that I needed to pay the bank X number of dollars per month. I didn't realize that the mortgage would adjust. It did adjust, though, and the payment increased -- and around the same time, I lost my job. A friend connected me with a hard-money lender, who bailed me out of that really bad loan for a year until I was able to refinance it with a regular mortgage lender. He also gave me about $50,000 I used to fix up the place. After the refi, though, I ended up with a loan that has a three-year prepayment penalty, and I've almost done two years of that. I'm struggling to make the payment, because my employer just went out of business. The lender did give me a three-month trial loan modification, which reduced my payments and is helping me get through this tough time. I am hoping to ref...