my father had parkinsons/als, was diagnosed in 2003. He died in 2010. He lived with us since 2007 and had not spoken since 2003. He somehow as granted 2 loans on his home in somers point nj. The last loan made in 2007 was an interest only arm that he should have never even qualified for since it nearly exceed his income by 2016 (if were still alive). the house is in foreclosure and the amount owed is over 390K. It appraised for 175K, any ways we can keep it or sue the bank for taking advantage of him
The first question I would have is whether he was "competent" to enter into the loans. Also, what did he do with the money? Foreclosure is a legal process which can be defended and if there is a basis for a counterclaim against the bank, that would be raised in that action.
More information is needed to evaluate, and a local real estate lawyer can review the papers to investigate
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