Elderly mother aged 86 with 250000 debt no equity?
This is the kind of story youve been reading about in the news lately. My mom is now 86. Always very private with her finances. She has lived alone for 12 years on fixed income from my fathers military annuity. She recently had a series of severe health problems. This is when I find out how much trouble shes in. Due to predatory lending She has mortgaged all of her equity in her property away to stay where she was living including 20000 in credit card debt and a 50000 2nd mortgage loan. The last mortgage was given to her at age 84 Now once her bills are paid counting insurances and utilities she was left with barely 100 to buy basic necessitates without using credit. Her last bout of illness took her shortterm memory and she is now unable to live on her own. We have checked her into an assisted living facility. However the cost of this facility consumes her 2800 per month annuity. A she probably has only has a few years left do we declare bankruptcy for her? Do I stop paying the credit card debts? Do I let them foreclose on the mortgages? How do we or can we protect her annuity from the creditors?
Asked by inthefrey about Personal Finance
You need to consult an eldercare attorney for advice. Yahoo is not the place for that expertise.
Answered by jlf
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Answered by jolly
Sounds to me like bankruptcy is her best option although whether or not she has any equity in the house is a complicating factor. I would go see an elderly law specialist. There is a very good website developed by AARP that helps screen for government benefits for elderly people. See if there is anything that can help her: www.benefitscheckup.org. You also might want to check out the financial planners association FPA.ORG. These are certified personal financial planners and some of their planners perform probono work for free and can help you determine what if anything might be salvaged from her house to pay for the assisted care facility.
Answered by Lauren F
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