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David C. Garner
David C. Garner, Attorney
Category: Legal
Satisfied Customers: 970
Experience:  JD with Distinction, Admitted to practice in California
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Hello; IN 2003 I HELPED MY DAUGHTER QUALIFY FOR A HOUSE BY

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Hello; IN 2003 I HELPED MY DAUGHTER QUALIFY FOR A HOUSE BY CONSOLIDATING SOME OF HER BILLS, THE BANKS. SUGGESTION WAS TO DO A HOME EQUIDY LINE OF CREDIT FOR 20.000. THE LOAN IS 17.000 NOW, AS MY DAUGHTER WASNT PAYING ON IT, SO I JUST PAID THE INTEREST ON IT. so the bank wants it paid in full or refinance the loan, OR FORECLOSE. I HAVE BEEN DENIED FOR THE REFINANCE BECAUSE OF MY INCOME NOW.
I AM SO WORRIED THE BANK IS GOING TO FORECLOSE, PLEASE HELP ME. MY DAUGHTER CANNOT GET REFINANCE EITHER AS SHE DOES NOT HAVE A JOB OR A HOUSE, SHE LIVES WITH ME RENT FREE SHE IS 42.

David C. Garner :

Hello, are you there?

David C. Garner :

Hello....

David C. Garner :

Are you there?

Customer: replied 3 years ago.


hello are you still helping me

Yes, did you get my response?

 

DCG

Customer: replied 3 years ago.


NO I HAVE NOT RECEIVE ANYTHING

Ok,

 

Basically you refinanced your home to then give your daughter $20K. Apparently she made no payments on the loan and you only paid interest. Since she lives with you I will assume that she lost the house you helped her buy.

 

There really is not a lot you can do. My suggestion is that first you start charging your daughter rent, even if she has to pick up cans to pay it. I would then talk to the bank to see if you can agree on a repayment plan that will forestall the foreclosure process. They are within their rights to foreclose, and it sounds like you do not have much of a defense.

 

I wish I had a better answer, but that is the law as I see it.

 

I hope this helps.

 

DCG

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