My Parents and I are being sued by a collection agency for chase bank for a second mortgage of 30,000. I was Laid off in 2007 and could not make my house or second mortgage payment, The home went into foreclosure and the loan could not be paid. Iam still unemployed and on welfare, my father is 87 and has alheimers, my mother is 81 and is disabled they are on a fixed income, most of their income goes to bills and medical expenses. What do I do? The home and loan were in my parents name and I had power of attorney. We are very nervous what what can they do to us if we cannot pay. Help Please
2 Answers from Attorneys
You can hire an attorney to do a "lien strip". This can strip the second mortgages, and you keep your house. Be prepared to do a bankruptcy. I do not know know how it is done, I have just heard about it.
It is sad that Mr. Marman seems to think it is appropriate to give legal advice on rumors. What you need to do is contact a bankruptcy attorney. That is the only option in the situation you describe.