[Michele_Evans]

My elderly parents who live in Pennsylvania were conned by my brother, who lives in Florida into refinancing his condo and signing the mortgage - he would then make the payments to my parents. My parents were living off a nest egg they built by working and saving but guess who stopped paying the mortgage? It has been years of my parents making the mortgage payment (over 1000 monthly) and now they have exhausted all of their nest egg and are living off pension and social security. Needless to say, they can not afford to make the monthly mortgage payments. The payments will be 60 days late in the upcoming week. My brother, his girlfriend, and their children all live in the Florida condo. I think my brother is also listed on the mortgage but I will have to check. My parents own their home in Pennsylvania, paid in full. With the current housing market situation in Florida there is no way to sell the condo for the balance on the loan. Will the mortgagee be able to place a lien on my parents home in Pennsylvania if this goes into foreclosure and the condo sells for less than the balance of the loan? Are there any new laws that protect my parents? We were already thinking of selling their home in Pennsylvania and having them move in with us since they are getting old and nearly broke. If we put their home up for sale, can the bank stop them from selling while they are foreclosing on the condo? Thanks for any advice!
Please know that my brother and his girlfriend do not work and I have already asked them several times to come up with some part of the mortgage payment but they do not respond.

[ballengerb1]

When the bank forecloses they will likely auction off the property for maybe 50 cents on the dollar or whoever bids highest. They will seek to cover the balance of the loan and if they come up short all of the folks on the mortgage will be held liable for the balnace, including your brother if he is on the mortgage. They will go for liquid assets but could lien anything that was listed as collateral. What did your parents list as their collateral, the home in PA? The bank can't do anything to your parents until after this process has move all the way down this pipeline. If your parents do sell the assets will be liquid. I wiould not sell in this situation

[Fr_Chuck]

First a lot will depend on the terms of the mortgage, you need to have that mortgage reviewed by an attorney. That is really the first thing. Not all mortages are the same.

Next what type of written agreement is there between the son and the parents, is there an agreement they can use to sue him for the money.

Whose name is on the deed ? Can they maybe evict him and rent the condo out ?