Can a mortgage assistance company consider retirement monies for a mortgage?

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Can a mortgage assistance company consider retirement monies for a mortgage?

I’m trying to help my aunt keep her home. Her son emptied most of her accounts and re-mortgaged her home for the full amount when she was mentally incapacitated a few years ago. She does have one retirement account he was unable to access. She is unable to pay the full mortgage now and I have contacted her lender for mortgage assistance. The lender wants full information on this retirement account and said it will come into play concerning this mortgage assistance application. I thought that retirement accounts were sometimes exempt. I thought it would be prudent to ask you.

Asked on September 23, 2011 under Real Estate Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If your aunt is at an age where this particular retirement account can be used by her for her living expenses, then it needs to be part of the lending company's consideration in order to decide the application by your aunt to revise her loan for her home.

If there is a power of attorney that you hold for her presently, that also needs to be provided.

If your aunt's son (your cousin) engaged in improprieties as to her bank accounts, you need to consult an attorney over this as well as the district attorney's office. In California there are specific civil statutes protecting elders (people over 62 years of age) from financial abuse which this situation sounds like.

Good luck.


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