AZ Widow - Loan Modification Forum

dancingbee · 04-28-2009, 12:06 PM

At 67 I was widowed on 3/14/09 and left with two mortgages and only one social security check. It's a long, stupid story packed full of bad decisions and compounded by poor advice. Here I sit with one mortgage in IN and one in AZ. The one in AZ has a balance of $180,000 and the one in IN is about $93,000. My total income is a little over $1,400 (social security) monthly. After everything is paid in IN I have about $250 left to by groceries, gas, etc. There is NO money for the mortgage in AZ. My name is only on the mortgage in IN. The AZ mortgage only has my deceased husband's name on it. However, probate was opened here in AZ and now I don't know what to do. I am paralyzed with fear that what little savings I have and my late husband had will be taken for this mortgage if I attempt to walk away from it. Does anyone have any knowledge in this area. I am currently one month behind (only April). Hope this makes enough sense for someone to figure out what I am dealing with.

Enough Already · 04-28-2009, 05:32 PM

Hi Dancingbee,
Thanks for your post. Your situation sounds a bit complicated. Professor Shays may come along and be able to give you better advice later today, but the best advice I can give is to suggest that you contact a local real estate attorney to see how walking away might affect you.

Good luck, and please keep us posted.

maxx233 · 04-28-2009, 06:07 PM

Yup, as I said earlier, definite real estate attorney territory. The only thing I can really suggest is put the money that you have saved up into a safety deposit box or something. Get it off the books and away from arm's reach of your lender (who may own the bank where it's currently kept.) Other than that, hopefully the professor has some advice. You might also look into the "ask a lawyer" forum, it's worth a shot: Ask the Attorneys? - Loan Modification Forum - Loan Safe

dancingbee · 04-28-2009, 09:56 PM

Thanks "Enough Already" and "maxx" for taking the time to reply. I know it is complicated and that I will probably have to seek legal aid ... darn it! I'll try the "ask the attorneys" maxx ... thanks.

04-28-2009, 12:06 PM	#1 (permalink)
dancingbee Member Join Date: Apr 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	AZ Widow At 67 I was widowed on 3/14/09 and left with two mortgages and only one social security check. It's a long, stupid story packed full of bad decisions and compounded by poor advice. Here I sit with one mortgage in IN and one in AZ. The one in AZ has a balance of $180,000 and the one in IN is about $93,000. My total income is a little over $1,400 (social security) monthly. After everything is paid in IN I have about $250 left to by groceries, gas, etc. There is NO money for the mortgage in AZ. My name is only on the mortgage in IN. The AZ mortgage only has my deceased husband's name on it. However, probate was opened here in AZ and now I don't know what to do. I am paralyzed with fear that what little savings I have and my late husband had will be taken for this mortgage if I attempt to walk away from it. Does anyone have any knowledge in this area. I am currently one month behind (only April). Hope this makes enough sense for someone to figure out what I am dealing with.

04-28-2009, 05:32 PM	#2 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 438 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AZ Widow Hi Dancingbee, Thanks for your post. Your situation sounds a bit complicated. Professor Shays may come along and be able to give you better advice later today, but the best advice I can give is to suggest that you contact a local real estate attorney to see how walking away might affect you. Good luck, and please keep us posted.

04-28-2009, 06:07 PM	#3 (permalink)
maxx233 Senior Member Join Date: Mar 2009 Location: California Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AZ Widow Yup, as I said earlier, definite real estate attorney territory. The only thing I can really suggest is put the money that you have saved up into a safety deposit box or something. Get it off the books and away from arm's reach of your lender (who may own the bank where it's currently kept.) Other than that, hopefully the professor has some advice. You might also look into the "ask a lawyer" forum, it's worth a shot: Ask the Attorneys? - Loan Modification Forum - Loan Safe

04-28-2009, 09:56 PM	#4 (permalink)
dancingbee Member Join Date: Apr 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: AZ Widow Thanks "Enough Already" and "maxx" for taking the time to reply. I know it is complicated and that I will probably have to seek legal aid ... darn it! I'll try the "ask the attorneys" maxx ... thanks.

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