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View Full Version : My Mom is drinking heavily, again.



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Laurisa
11-03-2011, 04:33 PM
My mom and her ex husband had the mortgage in their name. When they divorced 7 years ago he had to off the mortgage and my moms credit and income couldn't support the mortgage on her own so my Grandma stepped in and cosigned on the mortgage for my Mom. That way me and my siblings could stay living in the same house and not have to change schools. Good intentions, my Mom wasn't an alcoholic back then and had a.good job.

slowpoke
11-03-2011, 05:15 PM
So your mother owns the house and your grandmother is co signer on the note. Unlikely grandma will be able to evict mom from a house mom owns.

lemiwinks31
11-04-2011, 09:48 AM
Your grandma should still see a lawyer to see what her options are, but its really your mother's condo. Your grandma can either buy it from her, and then sell it, or convince her to sell it(she may be able to force her to sell it)

Your grandma should figure out how much $$ she has put into the condo, then she can get that much back out(with interest) from the proceeds of the sale. A lawyer will be able to answer all these questions.....

Laurisa
11-04-2011, 12:25 PM
But for some reason my Grandma's name is first on the mortgage statements.

I don't know what the legality is. She may be able to just have her name removed somehow.

lemiwinks31
11-04-2011, 12:47 PM
But for some reason my Grandma's name is first on the mortgage statements.

I don't know what the legality is. She may be able to just have her name removed somehow.


the mortgage company wont allow that. She is the only one with the ability to pay the mortgage, they wont release your grandma. That is why a sale is probably going to be necessary. What matters is who is on the title.

Is there any equity in it? If not, your grandma can offer your mom a small amount of $$ to "buy" it from her.

Who is paying the mortgage? If your grandma is, she can threaten to stop paying the mortgage if your mom refuses to sell. If no one is paying the mortgage and it goes into forclosure, your grandma may be able to work out a deal with the bank.

Laurisa
11-04-2011, 01:13 PM
The stupid house is about to go into foreclosure, it was $4500 behind. My Grandma gave them $1083 to prevent it from going into foreclosure like 3 days ago.

My Mom legitimately does not care if the house goes in foreclosure, she can't stop it. She believes my Grandma will save her. She refuses to cooperate and let Nana have the house. I knew they probably wouldn't release her because she is the only one with any money.

There is no equity. They got scammed out of paying the principle by refinancing some time ago with those ARM loans, so they have never touched the principle ($151,400) and are instead paying interest on some loan they took out. I don't understand everything about mortgages because I rent a condo.

I am sure my Grandma's name is on the title. I am not sure if co signing was the right word. I do not quite understand how they went about it.

The bills for the mortgage come in both of their names. My Mom does not pay the mortgage.

My Grandma's lawyer will be able to advise her of what to do next. Hopefully get my Mom out of there and rent the place out until the market comes back (several years from now) or ultimately do a short sale. My Grandma has extensive experience renting so that will not be a problem.

slowpoke
11-05-2011, 02:32 PM
Your grandma should still see a lawyer to see what her options are, but its really your mother's condo. Your grandma can either buy it from her, and then sell it, or convince her to sell it(she may be able to force her to sell it)

Your grandma should figure out how much $$ she has put into the condo, then she can get that much back out(with interest) from the proceeds of the sale. A lawyer will be able to answer all these questions.....

Doesnt grandma have the condo and mom have the house?

Grandma is likely to be lucky if she does not emerge from the transaction with a deficiency judgment after the foreclosure on the house.

Laurisa
11-05-2011, 06:15 PM
She has a condo that is paid off that she owns and lives in. Her name is on the mortgage of the house my mom lives in