Re: Elderly couple wants home to be foreclosed

Posted by wyche on May 06, 2005 at 01:48:12:

In Reply to: Re: Elderly couple wants home to be foreclosed posted by motreez on April 19, 2005 at 16:35:23:

:what is the balance of the line of credit and is there a 1st mortgage.
: : 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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Comments:
: :what is the balance of the line of credit and is there a 1st mortgage. 
: : : 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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