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Looking for advice on a parent's house which is in California and becoming difficult to pay.

So here is where I sit. My mom (70) is single and has her only income from social security which is just under $1k a month in northern California. She has 2 mortgages on her 1 house (long story one of the mortgages went to collections but is now in good standing for about a year). She is unable to pay for the two which has left me picking up the second mortgage for the past year. Now she is having trouble making the first mortgage payment and I am already stretched thin paying my mortgage along with her second.

The first mortgage is $87k at 4.8% FRM with a maturity date in 2040 and $858 per month.

The second one (The one that went to collections) is for $75k with a 4.7% ARM with a maturity date in 2031 and $730 per month.

The house is roughly around $370,000. And not up to date and could use some love to get to market value.

After looking into any extra income my mom can make, the only thing we have is her dog sitting through Rover, however, she is very bad with technology and is unable to work the Rover app which requires my assistance not to mention she does not return calls or text messages in a timely manner and looses most of her business because of this. I don’t live anywhere close to being able to help. Also, I do not have space for her to come live with me.

The next thing we have looked into doing is a reverse mortgage. This did not pan out as the lender wanted $30k down to do it. If We had that cash we would not be in this mess.

Now we are looking into a refinance. This does not seem to be a good option as her credit is in the 500’s. Just running the numbers on a mortgage calculator with a really good APR it looks like we would only be saving $100 to $200 a month which does not seem worth it since her credit will run the APR up assuming it even gets approved.

Now we are looking at selling the property but the question is where would she go? If she moves into an apartment she will be paying around the same per month as just keeping the place regardless if she stays where she is at or moves closer to me.

There is no other family member out there who could help support, it is just me and my mom. Would anyone know of other options that I am not thinking of? Any advice is much appreciated.

submitted by /u/Klosnor1
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source https://www.reddit.com/r/RealEstate/comments/ehedy5/looking_for_advice_on_a_parents_house_which_is_in/
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