do you think that the mortgage company that holds my 80 year old moms house for her arm loan would consider n?
consider a reverse mortgage instead of a arm. instead of forclosure next week, the broker who arrnged the loan gained her trust helped her with finacial advice taught her online banking, a fidicuary relationship with intent to mislead her into using all 450,000.00 for his gain, said if she let him take the money and put it in to his company with a prommisary note w/balloon payment,in return he will pay her 5.000. interest, which he did for awhile then skipped payments then made payments that then said loan payment on receipts, ( iy is interest only note) and now cant pay anything he lost it all says so sorry your first in line when economy is better. her mortgage payment has gone from appox 1,670.00 to 3,775.00 a month, by the way he made the note with no collateral, she was financialy stressed due to my fathers stroke which lefft him with aphasia, hes paralized on one side and can no longer speak, she is an elderly women who was under diress from all the medical bills, she assumed her agreement with him was a type of investment of her money, i said where is the portfolio of your investment and she said ill ask him,to find out it was a loan1 she let go of the a.m. caregiver, tomakeup the extra money needed for new amont on her loan myself and my boyfriend are doing the caregiving duties now, but with out the 5,000.00 she cant pay them at all. by advice of a new person advising her, she is not responding to letters and calls from bank and is 4 months behind. i think they want to short sale(thenew advisor) telling her there trying to find a way to help , and maybe they will say after sorry we tried, but nothing can be done, this guy say i fell for her situation and need no money to help her just like the broker did. sept 2 is when the forclosure begins, any advice on what shecan do, should she explain all this to bank, cant she live here untill death then they have the house, and we could go after the broker for that other situation. i feel talking to bank asap might help, please someone advise us. she has been hospitalized twice this month and have lost time to figure what to do, is an extention on the forclosure a maybe? thank you for any suggestions sincerely susan