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Im not sure where to get help with this but my parents who…

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I'm not sure where to...
I'm not sure where to get help with this but my parents who are 70+ have had to take over a loan for their son($180,000) in hopes that he would still make payments....however he is not making payments and they are paying $7000 every 6 months....they really can not afford this but at the same time they do not want to lose any part of their farm becuase of this...are there any options that we are missing?
Submitted: 8 years ago.Category: Legal
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6/12/2010
Lawyer: Dimitry K., Esq., Attorney replied 8 years ago
Dimitry K., Esq.
Category: Legal
Satisfied Customers: 41,221
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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Thank you for your question.

When you say that they took over a loan, where they physically put on the mortgage or are they simply assisting the person with their rent?

Edited by Dimitry Alexander Kaplun on 6/12/2010 at 2:41 AM EST
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Customer reply replied 8 years ago

well they were oringinally cosigners on this loan but because of bad credit the only way to refinance was to put this loan (which is a consolidation of other loans)on their name and their son said he would still make the payment but now says he has no money and now my parents are stuck with this loan

 

Lawyer: Dimitry K., Esq., Attorney replied 8 years ago
Thank you for your patience.

That is not a good situation to be in. If they are co-signers (and at this point simply signers) of the loan, they remain responsible even if the son stops paying. They really have two options here. First, they may either choose to try to modify the loan with the creditor or possibly even consider bankruptcy. Second, they can attempt to pursue their son for the money via suit, but if he has no funds their ability to collect is limited to nonexistent. It is possible that bankruptcy in this situation is the most ideal solution, even if it is not really a most stellar option.

I am sorry.

Edited by Dimitry Alexander Kaplun on 6/12/2010 at 2:47 AM EST
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Customer reply replied 8 years ago

what are some options as far as modifying the loan? Because of their age (70's) the credit union that they are currently with will not extend their loan...would switching banks make a difference?

 

Lawyer: Dimitry K., Esq., Attorney replied 8 years ago
Thank you for your follow-up.

That is possible, but it is not something that is legally enforceable. In other words, while your parents may choose to go to the other bank, whether or not they choose to work with you is solely at their own discretion.

Hope that helps.

Edited by Dimitry Alexander Kaplun on 6/12/2010 at 2:53 AM EST
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