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Elderly In-Law, Possible Forclosure

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by geomarq123, Jan 13, 2009.

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  1. geomarq123

    geomarq123 Law Topic Starter New Member

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    My jurisdiction is: CT

    Mother in law is 67, and her only remaining debt is a condo she's been trying to sell for over 4 years to no avail.

    She's remained working as a book keeper for app. 25 hours a week, only to keep paying the mortgage and condo fees every month.

    She can no longer continue to work due to her age & health.

    She has a history of cancer, knee surgeries, and some other ailments - but cannot keep the work schedule she's been maintaining.Too demanding (stress, the commute & mental health).

    We're considering letting the mortgage company take over the condo. A similar unit recently sold for app. $80k and her mortgage note is for app. $120k.

    The condo has been empty for some time now and she doesn't live there anymore. She lives w/ a roommate who basically watch over each other.

    Is the foreclosure idea the best option for her given the situation? Does she just stop paying and call the bank explaining she can no longer make payment?

    Lastly, would this effect her Social Security payment/income? Her SS payment is less than her mortgage & condo dues.
    Last edited: Jan 13, 2009

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