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Please help - not sure what to do

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by Pupdog, Oct 16, 2008.

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  1. Pupdog

    Pupdog Law Topic Starter New Member

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    Mom has rental properties and pension - Dad handled it all (put 7 kids thru private school on a cops salary) but TK God he never saw the market like this.

    He passed away last year and left mom the rentals and his pension (he always handled everything) - the market went bad - Mom's million in property she now owes more to the bank than what they are worth or at least the same if she is lucky- she is using her own money to pay the difference (less than interest only on some) now - she lost a tenant in one of the 4 - she has no money to pay for the mortgage - she was already scraping by. We have no $$ to help.

    What do we do, foreclosure, short sale, deed in lieu of trust. She is 73 ..she is crying over everything now and praying.

    Who can we take her to that can give her all the options and truth about each - Financial advisor , Real Estate attorney? We have checked around but you get a different answer depending on who you talk to .

    Please advise. Thanks,
     
    Last edited: Oct 16, 2008

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