Disabled

What is the name of your state? Ohio

I am disabled and on SSD for Terminal Advanced Breast Cancer; I am now at Stage IV and was forced into early retirement last year. I own a little cottage which my son and his wife and children live in, as well as myself, most of the time, when I'm not on chemo, in hospital, etc.

The house was appraised at $60,000 (for purposes of refinancing -- appriaser works for bank -- a couple of years ago; the balance due on the mortgage is $41,000. This house has always been my son's, it's just that the loan has always been in my name for credit purposes since he could not qualify for loan at the time. He and his wife have made every single payment for years -- there are times I would stay with my friend for medical reasons -- so he could help me with my illness, etc. But he's paid every dime that's ever been paid on this house, never late, etc.

I have a lot of credit card debt that was run up when I was employed and of course now I have tremendous medical bills. I have contacted credit card companies, most of which were willing to lower my payments, etc. But there are two or three who are being attrocious to me on the phone, saying in essence, "touch luck". I am being harrassed in the worst way every day all day long. I am sick and can hardly stand the phone calls.

Bottom line is I can't pay all my credit card debt and I do not want to lose our only home. It's not much but it's all we have.

What is your advice? Thanks so much.

[JETX]

Your post says the mortgage is in your name, but what about the title?? If the title is solely in his name, it should be safe from your creditors (the name on the mortgage doesn't really matter).

Otherwise, I would suggest you consider closing any bank accounts, CD's, etc. in your name.

Thanks JETX for your reply. The title is in my name also -- when I say it's his house, it's because he's always paid for it -- it's just that the mortgage is in my name since he was young and didn't have enough credit to buy the house. I will take your advice and close bank accounts, even though they have nothing in them except SSD and a retirement check from my old company once a month...do you still think I should do that?



I've been thinking bankruptcy; do you think I would lose the house? The question would be related to the equity, huh? It wouldn't be much, maybe around $10,000 after the $5,000 exemption in Ohio. Would they honestly take my house when I have nowhere else to go except maybe to a friend's house or something like that and make them put up with me with all this chemo and crap?

Please advise.

JTEX, do you know of a way to add his name to the title or put it in his name exclusively?

Thanks -- sorry to forget to ask in original reply.