father's house being foreclosed: what to do? Or do nothing?

[Anonymous]

Anonymous wrote:How does a house w a reverse mortgage get foreclosed on? They make payments TO your dad. Not the other way around.

There are expenses such as taxes that must be paid. Since the bro took an all cash settlement, the value of the home is $40. Has decimated our family.

[Anonymous]

^^ This has happened to so many elders that now new laws are being written regarding reverse mortgages.

[Anonymous]

Op, I'm sorry you're going through this. You've done your best. Walk away. Not another penny. Not one. If your dad needs specific help later, you can help him find an assisted living or another situation. The house is gone. Do not save it. End all contact with your brothers. They're taking you down. I know it's hard but you have to save yourself.

[Anonymous]

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[Anonymous]

What state did this happen in? I agree with prior posters that POA is generally limited and the holder has a fiduciary duty. I would definitely contact an elder law attorney. You may also try to contact AARP or the local legal aid office. If my siblings did this to my parents I would go after them with everything I had. Your brother that bought the house for himself, maybe you can get a lean on that. It sounds like your brothers may have committed fraud. If you can't get a criminal case brought against them you might get somewhere in a civil case, especially since it sounds like one of your brother's has an asset he might not want to lose--his house.

[Anonymous]

No no no! You're probably going to need to use your money to help your father in other ways down the road. If the brothers are squandering his money, at some point he's going to need help. It sounds like losing the house in this case could be a good thing because it leaves your brother one less thing to mismanage. I would definitely involve an elder lawyer now though before things get any worse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How does a house w a reverse mortgage get foreclosed on? They make payments TO your dad. Not the other way around.

There are expenses such as taxes that must be paid. Since the bro took an all cash settlement, the value of the home is $40. Has decimated our family.

Some of you are not hearing me: Bro took out reverse mortgage, and then took ALL the equity in a lump cash settlement to himself. Now Dad is left with a mortgage on the home. Just like if he put nothing down.