Lawyer says to foreclose... (mortgage, credit, loans)

[JrzDefector]

I really don't view it as morally wrong - my father was in his 70s when he took out a 30-year second mortgage on his house when home prices were near their peak. That the bank allowed that imo is crazy, and frankly, he's always had an unrealistic view of his own mortality. He's 85 now and losing his marbles at an increasing rate. I don't really care about the bank - what I care about is preserving my father's capital so that he can have quality care in his final days. I will provide him with a low-cost housing option and supervision for as long as I can, but eventually he will have to go into a home, and I want it to be a good one. If that means the bank gets left holding the bag on a loan they never should have made, so be it.

But I'd love it if someone answered my question about the likelihood of them coming after him for the full amount.

[Jackal1]

I guess it's all the banks fault, your Dad takes no share of the blame. To answer your question it is unlikely they will come after him but they should and it's always possible that they will. Your dad took out the second mortgage. He should be responsible for it. But then one can justify anything to fit their needs.

[Jackal1]

We can rightfully place blame on the banks for the real estate crash but they could not have done it without a bunch of opportunist customers looking to cash out on their homes or buy homes they could otherwise not afford.

[Jackal1]

People buy cars on credit everyday that they really cannot afford. When they stop making the payments should they be allowed to keep them while we all just blame the big faceless automotive industry?
Your Dad enjoyed the money when he withdrew it. You said he has it. So give it back.

[jaymoney]

Originally Posted by JrzDefector

But I'd love it if someone answered my question about the likelihood of them coming after him for the full amount.

To get a real answer to this you're going to have to talk to a real lawyer, maybe even for money in exchange for their time.

"I was told on the internet by a message board" doesn't hold up as well as you'd think when things go down.

[Blue biker]

Originally Posted by HudsonCoNJ

So perhaps we should all go rob a bank.

Didn't Dillinger say, "That's where the money is."

[Blue biker]

Originally Posted by Jackal1

We can rightfully place blame on the banks for the real estate crash but they could not have done it without a bunch of opportunist customers looking to cash out on their homes or buy homes they could otherwise not afford.

Blame the banks, the realtors, who get their sales commissions when the house sells. If the home gets foreclosed on, they sell it again and get another commission. Shows like "flip this house", and the people who all got on that bandwagon. The mortgage brokers who get a commission when the mortgage is funded, "no doc" loans, etc., etc.

[Retriever]

Originally Posted by Blue biker

Didn't Dillinger say, "That's where the money is."

No, that quotation is usually attributed to Willie "The Actor" Sutton, whose bank-robbing career spanned the 1930s and 1940s. However, according to two books about Sutton that I read, he never actually did say those words.

[JrzDefector]

Originally Posted by jaymoney

To get a real answer to this you're going to have to talk to a real lawyer, maybe even for money in exchange for their time.

"I was told on the internet by a message board" doesn't hold up as well as you'd think when things go down.

Really? Wow, I didn't know that.

This is the course of action advised by the lawyer I'm paying. I just think it seems risky and was looking for someone who has been in a similar situation to offer their insights.

[jaymoney]

Well you get what you pay for. And if you want a second opinion go pay for one.