Posted on Tuesday, June 16, 2009
Just saw you on BookTV, and thought you were just great!
You did not address my particular issue in you presentation, so thought you might guide me in an "immediate need" situation.
I recently moved to GA from Ft. Lauderdale, so I know the laws are different, but here goes.... My 88 year old mother bought a condo 2 years ago. Has limited resources, lives on social security (under $15oo. a month), was given a mortage of $100k with Wells Fargo (a 1st and a home equity!) 2 months ago she had a car accident, spent a month in rehab, a month in assisted living, now in a psychiatric hospital diagnosed with alzheimers; she will need to be in a facility for alzheimers, and there goes any money she may have left. we cannot afford to keep up the mortgage payments any longer.
Do I just let it foreclose? Or do a "Deed in Lieu"?
Who should I speak to or should I write them?
Can they come after her personally?
I have Durable Power of Attorney over her finances - can they come after me?
(I am not on the note)
Please help me if you can.
Wow. Im sorry to hear about your mom. Thats got to be tough.
What you do will really depend more upon the property value than anything else since I am assuming your mom has no income to speak of. Your situation is different than many since I am also assuming your mom will not be needing her credit score any more and does not plan to move back into her home.
If you can sell the property and payoff the loan or do a short sale, that is what I would suggest.
If not, and you can manage a renatal until the market recovers and you can sell (assuming you can rent it and cover the carrying costs), I would do so.
As a last resort, if the lender will agree, I would suggest a deed in lieu as plan "C."
Worst case would be to let the property go into foreclosure.