- Oct 10, 2000
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My relatives are screwing over my parents BIG TIME. My parents don't have the income or credit rating to get a mortgage in their own name but make enough to pay the monthly mortage, so they need to rely on a relative (my aunt) as the principle mortager. This was where they made the first mistake. They allowed solely her name to be on the paperwork.
Tonight, I was talking to my mom tonight about how many more payments they need to pay off the house, and she tells me they just refinanced a couple of years ago! Seeing how they've been in the same house for over 10 years, I thought a few more years and the mortgage payments are done. WRONG. I started to wonder why the house was re-financed... well sure enough, I found out it was refinanced twice over a span of about 12 years. Now, normally one would think this is done in favor of lower interest rates, but not in this case. Each time the house was refinanced, I think my aunt did a cash-out mortgage and walked out with who knows how much (I'll have to find out). Now they're stuck with a new 30-year mortage with almost the same principle as when the house was first mortaged in 1992.
My jaw just dropped when this finally hit me. Now, from a legal standpoint, I know she was entitled to do whatever she wanted since everything was soley under her name, but if she coerced my parents into having just her name on the paperworks, then its a different story.
What should/can I do? I'm definately going to confront every relative that's involved, and if I find out that my parent's payments have been going directly to the mortage lender instead of my aunt, then SHE'LL BE IN BIG TROUBLE as she has no proof of payments on the mortgage.
Tonight, I was talking to my mom tonight about how many more payments they need to pay off the house, and she tells me they just refinanced a couple of years ago! Seeing how they've been in the same house for over 10 years, I thought a few more years and the mortgage payments are done. WRONG. I started to wonder why the house was re-financed... well sure enough, I found out it was refinanced twice over a span of about 12 years. Now, normally one would think this is done in favor of lower interest rates, but not in this case. Each time the house was refinanced, I think my aunt did a cash-out mortgage and walked out with who knows how much (I'll have to find out). Now they're stuck with a new 30-year mortage with almost the same principle as when the house was first mortaged in 1992.
My jaw just dropped when this finally hit me. Now, from a legal standpoint, I know she was entitled to do whatever she wanted since everything was soley under her name, but if she coerced my parents into having just her name on the paperworks, then its a different story.
What should/can I do? I'm definately going to confront every relative that's involved, and if I find out that my parent's payments have been going directly to the mortage lender instead of my aunt, then SHE'LL BE IN BIG TROUBLE as she has no proof of payments on the mortgage.