Q: My 92 year old grandfathers home has been put up for auction due to foreclosure. Can we still prevent this?
My father is POA for my grandfather and has not been keeping up with the mortgage payments. He claims he has been trying to make arrangements with the bank to reinstate the loan but is saying they won’t speak to him even though he has power of attorney. He submitted a letter to the bank stating he had the funds to cover the reinstatement amount and the bank claims they did not get all the information needed to stop auction. An investment firm made a bid on the house and now my dad says he has 10 days (May 1st) to do something about it. Should we hire an attorney? Is there any chance to rectify this at this point? This is NC. My father says he has enough in his retirement to almost completely pay off the loan. Otherwise my father and 92 year old grandfather will be homeless.
A: Your grandfather will need to file a Chapter 13 Bankruptcy ON OR BEFORE THE MAY 1 or else the house will be sold (unless there is an upset bid). This late in the process, that is the ONLY way. SEE A BANKRUPTCY ATTORNEY ASAP - AS IN NOW!
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