Follow
Share

My Father has a private mortgage setup with someone to sell a house to them. The buyer is several months behind in payments. How should I proceed?
In short since my Father has been in a Nursing home the buyer has missed several payments in the past 2 years. The mortgage was setup privately for 5 years.
While not a large amount of money is involved because my Father is on Medicare and Medicaid I think it is an issue that must be addressed.
I am my Father legal guardian. I do have copies of the mortgage agreement filled with the court, and deposit records showing when payments were paid.
Any advice is appreciated. Thank you.

Read the mortgage paperwork. There should be something in there about what happens if payments are missed. If there isn't, then I would consult with a real estate attorney. Do not let this go any longer.
Helpful Answer (0)
Reply to Geaton777
Report

Since you have a working relationship with an attorney, the one that drew up the Guardianship papers consult this attorney for direction.
If there is another attorney that drew up the Mortgage agreement you could consult them as to how to proceed.
Since this is 2 years that they have missed some payments I am surprised that nothing was said when you presented the Annual Report to the Court with the Financial statements.

What should happen if this person can not make the payments and bring current what is owed then you have to proceed with eviction. This can take some time. And with Medicaid involved you want to make this right ASAP
Helpful Answer (0)
Reply to Grandma1954
Report

Real estate lawyer
Helpful Answer (1)
Reply to MACinCT
Report

You are a guardian. This is a huge undertaking and you are responsible to act now for your father just as though this were your own problems and you were acting for yourself. Because there are huge legal ramifications in Guardianship and because it is notoriously difficult to ever resign (must be done legal action before the court), you need good attorney guidance which is paid for our of your father's assets. As Dad is in Medicaid program already he may HAVE no assets to pay for this. He can keep his home, but it may not be WISE to keep this home. You need guidance from a good attorney who is wise in the ways of finance and elder law. Good luck.
Helpful Answer (0)
Reply to AlvaDeer
Report

You could try going to small claims court to get the overdue money. That would be simpler than doing a foreclosure. However if that doesn't work you will need to foreclose. You'd need to follow your state's laws and would probably need an attorney. No idea how this might affect his Medicaid status. I'm sorry about this because I know it must be frustrating.
Helpful Answer (1)
Reply to MG8522
Report

Ask a Question
Subscribe to
Our Newsletter