colorado
I was told by a financial adviser that they could not take your home
The elderly people have owned their home for 55 years it is payed and now rental property that he is on the morgage is in trouble do to may factors.
I was told on this site they could put a lien on the house I have other questions:
1. Why can they do this if their home was never used a colladeral, why isn't the morgaged
property the asset?
2. Will they tap their pension and soc security
3. His wife is not on the morgaged property can they take her share of the house and
her pension and soc security also
4. Will they make him sell his car worth $10,000 truck worth $500.00 what about her car
worth $ 1,000 all paid off
5. Can they quit claim the house to a family member
6. Can a friend of family member buy the home. pay of bebtThey could gift the money to grandkids
7.Could they take out a reverse morage and pay off debt and gift some to kids
8.Most important will they sell their home and make them move they are over 80
they have no only $20,000 saving no other assets house worth $60 to 70,000

Fr_Chuck

Not sure on your state, but in some states, yes they can put a lien, in many states no they can't it will depend on your state collection laws.
In some states, if they get a judgement they can come and take personal property ( TV, DVD and the such) So every state has its own rules so things here are "in general"

The main issue is if they don't sell this second home, and let it sell at a foreclosure sell, it will bring alot ( alot] less. So I guess why should a bank have to take a loss and they lose the money when these people have assests that could be used to pay a valid debt ?

They can not take social security, the pension will depend again on the state and what and were the pension has come from.

Each state that allows personal property to be taken will have an exemption amount and list. Normally the cars of no value are not bothered.

Yes they and the other family members can commit fraud and quit claim a deed over, but if it is discovered it was done just to hide the property and no money was changed over, most likely criminal charges will also be pressed and they will still be able to go after the property once they prove to the court it was done just to hide the property.

We are still not addressing the issue of the 2nd house, have they tried to sell it, have they talked to the lender about a short sale ?
Are they renting it ?

Jeremiah49

my advice to you is to pay your bills or forclose the house meaning they can have the house but nothing else