Foreclosure in 85901>Question Details

Janners, Home Seller in 85901

I have a primary home me and my husband live in, we are senior citizens. We helped our daughter get into a house and provided the loan for her. Now

Asked by Janners, 85901 Sun May 23, 2010

she was laid off and got a lower paying job and can't afford the payments. Can we lose our primary home if my daughter forecloses on her home? We are in Calfiornia.

Help the community by answering this question:

Answers

5
I would highly suggest that you consult with an attorney in the state you reside. Everyone's circumstances are different and the amount that you may invest in good legal advice from your attorney will pay off for you.
Best of luck to you and your family.
Marce Wildman
0 votes Thank Flag Link Thu Mar 17, 2011
This is an attorney question, consult 1 ASAP.
0 votes Thank Flag Link Wed May 26, 2010
You should consult and Attorney and have the documents on your daughter's home reviewed by a professional. It depends a lot on how her home is financed and whether you are on her note.

You posted this in zip code 85901 - does that mean that the house is in Show Low, Arizona? Has she approached her lender with the possiblity of a Short Sale or a Loan Modification on the property?

Without more information it is very difficult to answer this question. If you would like to discuss it in person, please feel free to call me if the home is indeed in Show Low. Perhaps we can figure out your next step.
0 votes Thank Flag Link Sun May 23, 2010
As stated in the first answer without full knowledge of what you did I am not sure I will be answering this right.
If you helped her get the note ie your name is on the mortgage then you need to get involved and help negotiate with the bank. The bank does not want the home so get on the phone and ask for help, becuase your daughter got laid off there are programs to help. Also have her call social services they have free legal council for low income families because even if you are working with the bank they will continue the foreclosure proceedings.

Good Luck
Bob Patrick
Buy a home after foreclosure expert
0 votes Thank Flag Link Sun May 23, 2010
Without many details--How was the loan provided to your daughter--did you give her cash, are you named on the mortgage note, etc., you may wish to consult with an attorney who specializes in real estate if you are named in the notes.
0 votes Thank Flag Link Sun May 23, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer