Charles Gray
Junior Member
This is For a home in California.
I am executor for my fathers estate, and holder of financial power of attorney for mom. Mom is 81 and dad had several credit cards out at the time of his death. Currently Phillips and Cohen is wanting money for the Sears Mastercard, in the sum of 10,000 dollars, but they say they'll settle for 8000.
The problem is, we don't have the money. Right now, our combined assets are 900 dollars in the bank, going up with her retirement and SSI. I can't work because she needs to be tended to pretty much 24 hours, as she has a minor case of dementia, verbal aphasia and so sometimes does strange things and more importantly couldn't call for help if something happened.
The home was valued at 325,000 in 1993, and has 120K of mortgages on it, and dad filed a homestead exemption for it some time before he died, and mom would be able to take the full 150,000 exemption. The house also has a number of problems (holes in walls, damaged carpet, non-code plumbing), that would require a LOT of work before it could be sold-- and to be honest, in the current real estate market, where they couldn't even sell new houses, i doubt It could be sold no matter what.
Dad also left other debt, in the sum of about 7,000 dollars, not counting the mortgages.
I'll be blunt. The house is our lifeline. I've been watching after mom and dad for the last 10 years (mom alone for the last year after dads death), and because of that, it'll take me some time to get back into the job market. If we lose the house, we lose everything and mom has had to come home early hte last two times she went to the hospital, because she reacted so badly to it. Losing the house will kill her, literally.
The house is currently held with mom as life tenant and me as the remainder man so title passes to me.
What is the chance that they could force sale of the house? If it gets to that, could having mom do a chapter 7 bankruptcy save the house? Note, I don't care about a sale lien (or whatever the term is for them having a lien when the house is sold for some other reason), and I'd pay it once I have returned to the work force after mom passes away.
Note, we cannot pay this debt. Not at all, not right now and probably not for some time. If they would allow small payments every month we coudl, but they want the 8,000 as a lump sum or in three payments, and we do not have the money for that.
So, again, what can I do to protect the house?
Edit: Gah, sorry about the collections oops. I'm just a little upset right now.
I am executor for my fathers estate, and holder of financial power of attorney for mom. Mom is 81 and dad had several credit cards out at the time of his death. Currently Phillips and Cohen is wanting money for the Sears Mastercard, in the sum of 10,000 dollars, but they say they'll settle for 8000.
The problem is, we don't have the money. Right now, our combined assets are 900 dollars in the bank, going up with her retirement and SSI. I can't work because she needs to be tended to pretty much 24 hours, as she has a minor case of dementia, verbal aphasia and so sometimes does strange things and more importantly couldn't call for help if something happened.
The home was valued at 325,000 in 1993, and has 120K of mortgages on it, and dad filed a homestead exemption for it some time before he died, and mom would be able to take the full 150,000 exemption. The house also has a number of problems (holes in walls, damaged carpet, non-code plumbing), that would require a LOT of work before it could be sold-- and to be honest, in the current real estate market, where they couldn't even sell new houses, i doubt It could be sold no matter what.
Dad also left other debt, in the sum of about 7,000 dollars, not counting the mortgages.
I'll be blunt. The house is our lifeline. I've been watching after mom and dad for the last 10 years (mom alone for the last year after dads death), and because of that, it'll take me some time to get back into the job market. If we lose the house, we lose everything and mom has had to come home early hte last two times she went to the hospital, because she reacted so badly to it. Losing the house will kill her, literally.
The house is currently held with mom as life tenant and me as the remainder man so title passes to me.
What is the chance that they could force sale of the house? If it gets to that, could having mom do a chapter 7 bankruptcy save the house? Note, I don't care about a sale lien (or whatever the term is for them having a lien when the house is sold for some other reason), and I'd pay it once I have returned to the work force after mom passes away.
Note, we cannot pay this debt. Not at all, not right now and probably not for some time. If they would allow small payments every month we coudl, but they want the 8,000 as a lump sum or in three payments, and we do not have the money for that.
So, again, what can I do to protect the house?
Edit: Gah, sorry about the collections oops. I'm just a little upset right now.