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Hello! I co - signed a mortgage loan for my dad ...

Hello! I co - signed a mortgage loan for my dad three yrs. ago, Although only his name appears on the property deed. He owes $64,000 on the loan. The property is worth $25,000- $30,000 now. I have Power of Attorney. I have been using his social security and pension to pay his mortgage mo. What are my options? He is on medicaid. I am a teacher with my own mortgage and expenses. He has been in a nursing home for three mo. and I need to pay the nursing home. Really appreciate your help~~


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Contact an attorney about the Power of Atty (POAs can be limited, unlimited, medical...), this will determine what steps you can take regarding selling the property. Unfortunately, you are liable on the debt & not an owner of record of the asset. No matter what, the mortgage is your responsibility if he does not make the pmts until it is paid off. You can contact the lender about forebearance but they can't refi or change the terms since he is the only owner.
Posted 2008-09-30T02:04:53Z
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