We are in Chp 7 Bankruptcy and we are looking for ways of surving such as an asstd living home. Any ideas?

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My mother has alzheimers Disease and was diagnosed after she was mislead into buy a home. It turns out an dishonest broker used unethical ways to have the loan approved.

And Later, My mother and I found out about the high interest rate and also the second mortgage. All together the mortgage is $ 3,400 for a $ 417,000 house and in addition, The first mortgage is an ARM of 9.4%.. Does anyone have any valid ideas of how to survive and still keep the home. Open to ideas that would be beneficial to the person who could help.

4 Comments
  1. Reply
    Greg C.
    May 18, 2011 at 3:40 am

    get a job!

  2. Reply
    shiprepairwoman
    May 18, 2011 at 4:32 am

    If she is incompetent her mortgage may not be legal. But since she was diagnosed after it may not be a defense. Other than refinancing to a better mortgage I don’t know how she can save her house.
    Assisted living is for people who need caregivers she may not be to that stage.
    Sorry she didn’t have anyone on her side with a transaction that large.
    If you are in bankruptcy you probably can’t be much help to her.

  3. Reply
    Rick B
    May 18, 2011 at 4:43 am

    Keep the home?!?!?! Why would you keep it? If she was suckered into buying a HALF MILLION DOLLAR HOME then you should do everything in your power to get out of it. If she was not capable of making the decision, then the contract is very likely not valid and you can unwind the whole deal.

    See a lawyer.

  4. Reply
    Lesley
    May 18, 2011 at 5:14 am

    Do you NEED this house? If so, you need to refinance to a fixed rate. If you have good credit you might be able to get a cheaper payment, but not a lot cheaper with a debt amount of $ 417,000.

    Otherwise, say goodbye to the house. If you aren’t current on the payments in a chapter 7, you don’t get to keep the house without somehow coming up with the reinstatement amount.

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