[santarosa3]

Is there any way to save a coulple in their 80s, paid off residence, if their rental property goes in to foreclosure. They can no longer aford to keep up the expense of the rental .
Rents have fallen in the area far below what they need to continue to make the payments. Also the house has been refinanced above what it can be sold for, the money has been used to keep the house going.
This is a very serious situation they have owned their residence for 57 years and if the mortgage company takes the home they will be in the street with no place to go and not enough money to get a place to live They live in Colorado.

[Fr_Chuck]

The mortgage company will foreclose and sell the home, at the worst they will owe the difference. Have they discussed a short sale with the lender, have they discussed a signing over the deed to settle debt in full with the loss migation department of the lender.

If they sell the one home and get a small mortgage for the balance on their home ?

Also seldom will they get a lien on the second home, if they can attach any bank accounts. If they do normally this lien will not allow them to take the property but only get it after they die or try to sell.

But they need to talk to an attorney NOW, before the foreclosurer is over

[DianeV Sr Loan Officer]

Would it be possible for them to get a reverse mortgage on their primary residence? That is a mortgage that pays them monthly and then is paid off when they die. They should absolutely speak with a real estate atty and a trusted banker for advice. If they own their primary residence free and clear or with a small mortgage something may be able to be done to assist them.