Mortgage repayment failure

Question: When we bought our Chandler home in 2006, we got a 30-year first mortgage with Bank of America, and a Wells Fargo $100,000 second mortgage home equity line of credit (“Wells Fargo HELOC”). We used this $100,000 for a swimming pool and for landscaping in our back yard. In 2011 we both lost our…

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foreclosure

Question: Our mother has been struggling with dementia that has worsened over the last year. We recently moved her from her Mesa home to an assisted living facility in Gilbert. The Mesa home is both a physical disaster (with numerous repairs necessary) and an HOA paperwork disaster. The HOA dues total more than $3,000, and…

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Construction loan

Question: In 2016 we bought a lot for $40,000 in Camp Verde to build a summer home. Last summer we got a construction loan for $280,000. This $280,000 construction loan was secured by the lot and by the home to be constructed on the lot. During construction of the home, however, heavy rains caused the…

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