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Reply to "Mother refuses to support herself"
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[quote=Anonymous]Your sister is kinda screwed. The money she's spent over the last 7 years is a sunk cost (as a PP noted). Your mother's name needs to get off the deed and the only way to do that is to resolve the loan issue. My advice is to work with a real estate agent that specializes in short sales. (We went through this recently). Once the borrower (your mother) misses a couple of payments, the loan holder is usually willing to negotiate a short sale rather than let it go into foreclosure (the loss is less). Your sister would then make an offer. Like I said, we just went through this - we were the ones upside down on a mortgage. If your mom/sister are in Virginia, I would recommend Pam Collins ipacindustries at cox.net as the short sale agent. If you're not in Virginia, she might be able to recommend someone where your mom/sister are.[/quote]
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