| Loss Mitigation General Chat loss mitigation |
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her name, now close to foreclosure. Can she lose her own home? My mom is concerned that if the home my brother lives in forecloses she will lose her own home. The bank sees it as a investment property.she has tried to sell the home, and tried to make the payments herself, she couldn't keep up, the home is worth alot less then what the loan is for. her credit is a mess now.
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Well the short answer to your question is YES.Since the loan on your brother's house is actually on your mothers name, she technically owens that house. My advice to her would be SELL the house if she can, before the foreclosure. If she refuses to do anything and wants to wait and see, she might lose her own house in the process. How is she going to lose her house?If your brother's house is worth much less than what the total amount owed to the mortgage company, the mortgage company will try to get the difference from her.
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