How to Refinance someone elses property with POD.

By on September 6th, 2011

My mother has become disabled due to an AVM eruption in her brain since April 2011. We’ve been living with her since last year. I cannot afford to pay her mortgage payments, I’m only paying the Condo Fee which is roughly $600 alone. I have gotten a Power of Attorney from my mother since she can write for now. I forwarded the POD to her Mortgage Lender so they can speak to me about refinancing options. Is there anything else I can do . I had remodeled her home while we’ve been staying with her. Brand new kitchen & Bath and would hate to let it go.

She owes $30,000 more than the value on the condo which is about $150,000 now per her last yearly statement in January of this year. I am not sure what is worth now or if the value has come down more.

I am clueless as to what to do now. I need some help. Has anyone been in the same situation or similar.