U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-06-2008, 02:12 PM
 
Location: Cary, NC
1,036 posts, read 3,627,489 times
Reputation: 503

Advertisements

As renriq and a few others have stated... go directly to an attorney. If the loan goes bad, "George" is the responsible party because he signed the mortgage documents. If there was fraud involved (from the relative definitely, the mortgage maybe as well) you can try to make a case and protect him.... but this needs to be checked into by an attorney that understands real estate, mortgages and fraud. Please look into his rights ASAP.
Reply With Quote Quick reply to this message

 
Old 09-06-2008, 10:38 PM
 
Location: Southeast Georgia
65 posts, read 215,875 times
Reputation: 46
I'm curious, did the other party have the POA when George signed for the Mortgage?
Reply With Quote Quick reply to this message
 
Old 09-06-2008, 10:46 PM
 
6 posts, read 13,153 times
Reputation: 15
Quote:
Originally Posted by phantoms View Post
I'm curious, did the other party have the POA when George signed for the Mortgage?
Yep. But George did sign the mortgage himself. Since George is legally blind, and mortgage documents are quite lengthy and sometimes confusing, I'm sure George was simply following the direction of the person he trusted (the relative handling his finances at the time, i.e. "Sarah" with the POA).
Reply With Quote Quick reply to this message
 
Old 09-07-2008, 04:21 AM
 
Location: NE Florida
17,835 posts, read 29,406,664 times
Reputation: 43270
Quote:
Originally Posted by ???NoAnswers View Post
Our big fear right now is that Sarah is going to default on the mortgage (since this was 100% mortgage, she's upside down it). That would leave George holding the bag.

is it likely that a mortgage company would come after someone who has no assets and no income except his social security check?
I found this on the Social Security site
Social Security Online - Frequently Asked Questions About Direct Deposit

Section 207 of the Social Security Act (42 U.S.C. 407) protects Social Security benefits from assignment, levy, or garnishment. However, the law provides five exceptions:"

Click on the link and scroll to the bottom for the full list.

Here is another interesting article
New Law Allows Garnishing Social Security Checks

If it should turn out the mortgage is a defaulted HUD, FmHA, or FHA mortgages
The most that can be garnished from Social Security benefits is 15%, and the benefits should never be garnished below $750 per month. If, for example, the monthly benefit is $800, 15% won’t be taken—just enough to reduce the check down to the $750 floor.

So even though the mortgage company could try to come after him if the house forecloses there are laws to protect his SS.
Reply With Quote Quick reply to this message
 
Old 09-07-2008, 07:49 AM
 
Location: Charlotte, NC
7,041 posts, read 12,811,809 times
Reputation: 2320
Actually, this smacks of a case of elder fraud. This is big news these days. If you contact a real estate atty they can go after Sarah for fraud and clear George of any liability. The lender would, most likely, cooperate with the atty as they would not want their name smeared as being a part of this fraud.
Reply With Quote Quick reply to this message
 
Old 09-07-2008, 12:38 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,594,674 times
Reputation: 249
this is really sad.
Reply With Quote Quick reply to this message
 
Old 09-07-2008, 03:18 PM
 
6 posts, read 13,153 times
Reputation: 15
Thanks, Karla, for those links. Of course, $700 to live on these days won't go very far. And George will always have a place to live with us. Naturally, he'd prefer to be in his own senior apartment, though, and I don't blame him for wanting to remain as independent as possible. Unfortunately, Sarah has managed to wipe out all of George's other financial resources.

Chicagocubs - I agree that this mortgage situation is a type of elder abuse (abusing the trust of an elderly person for one's own gain). However we're afraid that attorneys' fees, etc, will be prohibitive. Plus, George really doesn't realize how much he's been "taken" by Sarah, and wants to remain in contact with her. Personally, I feel some sort of financial restitution is in order (this is only one small piece of the pie that we're dealing with here), but, as the old saying goes, you can't get blood out of a turnip. We will probably go the attorney route, however, at least to see what we can do to get George's name off the mortgage.

Thanks for your sympathy, Brokerdave. It is indeed a sad situation. It also makes me mad that the person responsible is probably going to get away with this.
Reply With Quote Quick reply to this message
 
Old 09-07-2008, 07:05 PM
 
Location: Southeast Georgia
65 posts, read 215,875 times
Reputation: 46
Quote:
Originally Posted by ???NoAnswers View Post
Yep. But George did sign the mortgage himself. Since George is legally blind, and mortgage documents are quite lengthy and sometimes confusing, I'm sure George was simply following the direction of the person he trusted (the relative handling his finances at the time, i.e. "Sarah" with the POA).

If you can show that George was mentally incapable of making finacial decisions and this is why the POA was given, then you'd have a pretty good case to get him off the mortgage. This is another reason why you need to discuss this with an attorney. He/She can get the facts together and let you know your best options.
Reply With Quote Quick reply to this message
 
Old 09-07-2008, 07:55 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,594,674 times
Reputation: 249
also, even with POA, she should still only be using the funds to support him. is this money in a trust of any sort?
Reply With Quote Quick reply to this message
 
Old 09-07-2008, 08:11 PM
 
Location: Charlotte, NC
7,041 posts, read 12,811,809 times
Reputation: 2320
Quote:
Originally Posted by ???NoAnswers View Post
Thanks, Karla, for those links. Of course, $700 to live on these days won't go very far. And George will always have a place to live with us. Naturally, he'd prefer to be in his own senior apartment, though, and I don't blame him for wanting to remain as independent as possible. Unfortunately, Sarah has managed to wipe out all of George's other financial resources.

Chicagocubs - I agree that this mortgage situation is a type of elder abuse (abusing the trust of an elderly person for one's own gain). However we're afraid that attorneys' fees, etc, will be prohibitive. Plus, George really doesn't realize how much he's been "taken" by Sarah, and wants to remain in contact with her. Personally, I feel some sort of financial restitution is in order (this is only one small piece of the pie that we're dealing with here), but, as the old saying goes, you can't get blood out of a turnip. We will probably go the attorney route, however, at least to see what we can do to get George's name off the mortgage.

Thanks for your sympathy, Brokerdave. It is indeed a sad situation. It also makes me mad that the person responsible is probably going to get away with this.
If you do some research, you may be able to get an atty that will either comp the charges/fees or charge Sarah.

Good Luck. Please keep us posted.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top