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Old 05-05-2009, 10:50 AM
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Join Date: May 2009
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Default the broker who arranged my moms mortgage loan

convinced her to loan him the principle on the loan 4 his co.? he pays 5 grand interest on loan. dad had stroke mom takes over financial duties, bills from dr. hosp, ect mom scared not enough money, this broker so she thought would help her. theres a balloon payment/promisary note due now, no interest $ N 3 Mo. & he lost 450,000 and cant payher if he files bankruptcy will she have any recourse to pay off the loan to bank or is she be a victim of elder finacial misrepresentation, abuse. she didnt really think clearly when it was all arranged, she thought it was an investment in his co.and she would make some $. But it was a business loan wiyh no collateral! this guys co does financial help to people as well as real estate. he took advantage of her what can we do ? I feel responsible this guy was a friend of a friend of mine. she was about to do a reerse mortagage and my friend told her there were options. call his friend & he refered her to JERRY This guy is gonna pay some way! HELP Any Thoughts on what we can do. Thanks susan
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