What can I do to help my inlaws with a real estate problem they have gotten themselves into?
General February 16th, 2010
What can I do to help my inlaws with a real estate problem they have gotten themselves into?
To put it briefly, My retired inlaws met a reator who convinced them to buy a bigger house. with a mortgage payment which is more than they bring home in a month. The realtor had them refinance their current house and take all the equity out and put it down on the new house. My inlaws were under the impression that their old house was being sold and they were getting an advance on their equity. It has been 7 months and the old house has not been sold. I found out that it was never even put on the market and their isn't even a sign in the yard. To top it all off, I found out that they couldn't get qualified for a bigger house on a fixed income so the relator found someone to cosign their loan. Now there is someone who they don't know on the title for the new house with the $130,000 equity. What can I do to help them?
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