My Father-In-Law Died and Left My Mother-In-Law Deep in Debt. – Sherry

By on October 9, 2009
My Father-In-Law Died and Left My Mother-In-Law Deep in Debt. – Sherry

“Dear Steve,

My father in law passed away and my mother in law has been left with an enormous debt. we did not realize they were this much in debt and are trying to figure out the best option for her.she is 73 yrs old. just to make her payments each month she is 500.00 short. she has a mortgage payment 950.00, home equity payment 150.00, about 6-7 credit cards estimated 15,000.00 total balance. all utilities and insurances.

Would like to know at her age and the amount of debt she has what her best option would be; debt settlement company, bankruptcy or some other option.

thanks

Sherry”

Dear Sherry,

I had the following questions that I’d like for you to answer before I can answer your question. Please post your answers in the comments section of your question. I’m looking forward to helping you for free.

  1. Is this residual debt, joint debt in both of their names or was it in his name alone?
  2. What kind of debt and how much are we talking about is the problem debt?

As soon as you can post the answers to my questions above I’ll be able to help.

If any reader wants to offer advice in the comments section please feel free to participate.

morehelp1

Choice1 Choice3 Big Hug!
Euro-Video - , ,
If you have a credit or debt question you'd like to ask just use the online form .
READ  Am I Responsible to Pay for My Dead Husband's Debts? - Linda

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s and and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Steve Rhode

Steve Rhode is the Euro-Video and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

3 Comments

  1. sherry

    October 12, 2009 at 9:33 am

    the very small amount of life insurance was used for the burial. i’m not sure how much equity she has in the house because she already has a home equity loan. do you see any way she can possibly pay her way out of this or what option would you advise? thanks-sherry

  2. sherry

    October 9, 2009 at 3:26 pm

    I’m afraid it was in both of their names. Total debt approx. 150,000.00.(approx 130,000 mortgage/home equity and 20,000 in credit card debt). My guess is that the credit card debt is the biggest problem but at age 73 i’m not sure how much longer before health issues might take more of the money used toward mortgage payment. i hope i answered what you needed to know.
    thanks–sherry

    • Steve Rhode

      October 9, 2009 at 4:58 pm

      Sherry,

      Well the bad news is that if it is joint debt, it is hers now. Does she have any equity in the property?

      I’m assuming that he passed away and did not leave her any life insurance or other assets. Is that correct?

      Steve

Share a Comment / Leave a Reply

купить асфальт

депозиты в долларах

автоматический полив теплицы
%d bloggers like this: