Applicant is 65 years old, income qualified, receives $865 a month from SSDI. She’s seeking her options against adverse. She was awarded a home in a divorce in 2015 without a mortgage. In January 2020, she was diagnosed with kidney disease. During that time she was contacted by a real estate broker and entered into an agreement to sell her home to him through seller financing for $288k which was about $112k below market value. After the close of escrow, in June 2020, he convinced her to sign a loan modification agreement (without consideration) lowering the note’s principal balance from 273k to 223k and extending the due date from August 8th, 2002 to a 30 year note with monthly payment. The purchaser convinced her to sign a subordination agreement allowing him to take a $200k loan which is now in a first position above her loan. At this point, she has received $15k and has a 30 year note in a second position.
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