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House refinanced 3x
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this post was submitted on 29 Sep 2024
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It sounds like maybe you have more context to the situation, but I just want to say that cash-out refinancing on its own isn't necessarily predatory or malicious.
I just can't fathom why she would need to do this. She was getting rent from mutiple people. "This came up because we're all like sooo the house is paid off this year right? So rent can go down?" I was planning write her a check for w/e balance is left just to wrap it up this year. Like I can only believe she was scammed somehow. She's An old lady with 2nd grade education (no joke) and not a good speaker.
Is there any evidence the money was used inappropriately or stolen? How was she paying her living expenses? How confident are you that she shouldn't have needed the cash just to live?
Discussing this with my siblings I don't know why she would need money to live when we lived with her and people are paying her rent. Her kids and grand kids have degrees. Going to a bank for money and not just asking us more seems like madness. However, she does take frequent trips to the old country that she claimed was being paid for by her siblings. she maybe have more skeletons than we thought.