New member here.
My name is Jeffrey, 29y.o.and would like to ask for legal advice regarding the following:
In 1994, my mothe made a business loan to a financing company and made our house as colateral. But the busines she ventured into failed and eventually failed to pay the loan.
The financing company then filed a suit against my mother but made a settlement to pay the loan balance over the course of 5years.
But unfortunately, the loan wasn't fully paid yet up to now, and house was repossessed by the bank. (in 2005)
I was only 10y.o then and my siblings were too young at that time too. Our father who was an ofw came to know about it when our house was repossessed by the bank.
My parents are now in their late 60's, unemployed, no savings, no assets, and rely support from us siblings for their expenses.
My question is, are they still obliged to pay that loan given their current situation???
Do we, us their children must pay the remaining balance of that loan even of the house has already been repossessed by the bank???
Thanks for the time and advices.