Elderly couple wants home to be foreclosed

Posted by Fred Brathe on April 19, 2005 at 08:16:29:

An elderly couple in North Carolina are seriously considering not paying there mortgage in hopes that the lender will foreclose on their home. They have an equity loan on the home. Their only income is Social Security. They have spent all their assets on getting their two sons out of legal trouble, including borrowing on a life insurance policy.
Neither son is willing to repay the money that was lent them.
They spoke to a realtor who told them they could not recoup enough money to cover their equity loan through a sale of the house.
What can they expect to occur if they willingly don't pay their mortgage to get rid of the home? Are there any legal ramifications?
Thank you.

Follow Ups:

• Re: Elderly couple wants home to be foreclosed - Nick(Colorado) 10:46:26 04/20/05 (0)
• Re: Elderly couple wants home to be foreclosed - motreez 16:35:23 04/19/05 (1)
  • Re: Elderly couple wants home to be foreclosed - wyche 01:48:12 05/06/05 (0)

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Comments:
: An elderly couple in North Carolina are seriously considering not paying there mortgage in hopes that the lender will foreclose on their home.  They have an equity loan on the home.  Their only income is Social Security.  They have spent all their assets on getting their two sons out of legal trouble, including borrowing on a life insurance policy.
: Neither son is willing to repay the money that was lent them.  
: They spoke to a realtor who told them they could not recoup enough money to cover their equity loan through a sale of the house.
: What can they expect to occur if they willingly don't pay their mortgage to get rid of the home?  Are there any legal ramifications?
: Thank you.


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