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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2667
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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My mom and I had refinanced her home to combine our credit

Customer Question

My mom and I had refinanced her home to combine our credit card debt. My sister took over as POA and went and had the loan put in a reverse mortgage w/ out me knowing about it ( I was co-signer) and wants me to pay all of the loan. My question is, can you file bankruptcy when a loan is in a recerse mortgage? Also my mom and I had lived together for the last 6 years, and in 2003 she put me as the only one to get the home in her will. As she always told me my siblings were all financially set. Now that my sister took over as POA, she had a lawyer who is a friend change the will so all the children are on it! I guess I want to find out answers as this has been going on for almost a year and I am tired of it and stressed to the max! She also tells me she is talking to Elderbridge about elderly abuse because of this loan, but the thing that she does not know is I have a loan paper from my mom back in 2001 that is in her name only and a sack full of credit card statement!
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 7 years ago.
Hi JACustomer,
1) Do you own the home with your mother?
2) How is it that you were the co-signer for the reverse mortgage when you didn't know about it?
3) When you asked if one can file a bankruptcy if a loan is in a reverse mortgage, what loan is that?

Edited by Christina Fortunato, Esq. on 6/5/2010 at 2:31 PM EST