Need Urgent Investing Advice

[Paul Dong]

My family is in a desperate situation and I don’t know where to go for advice but here.

Recently my mother took out a Home Equity Line of Credit of $975,000 on our primary residence worth ~$1,500,000 which was entirely paid off. She sent the money abroad for an “investment opportunity” but it turned out to be a scam. We are down $975,000 and still have to paid the loan which will be around ~9k a month. If we refinance it for 30 years we can get it down to ~4.5k a month in payments. She is incapable of working and I’m only 18 years old graduating high school.

We are planning on selling this property through a 1031 exchange to avoid captial gains taxes however, this is our primary residence so it won’t work. Can we move somewhere else and classify our house as a investment property? Should we just sell the property and just pay the hefty taxes? Are there any routes we can take?

I really need help right and there’s no better community to go to than here.

Regards

Paul