Need Help!!!

Hiya, Mike.

FMV $300K Or $300K
HELOC #1 60 60
CC #1 30 15
CC #2 30 15
HELOC #2 120 120
--------------------------------------
Equity 60K or 90K

What will the home rent for as is today?
What will the home sell for in the next 30 days?

1st: Mom revokes POA and writes letter to creditors telling them what happened and asks to negotiate terms, include a copy of the Cease and Desist letter she served her daughter revoking POA. She may need to file revocation of POA with county and include proof of that as well. She may need your help with this. Moms don't like to tell on their kids.

2nd: Explore options to get Mom out of debt right now. At what price will the houses sell in the next 30 days. Will it rent? What is Mom willing to do to change her situation? Is she willing to sell and move into a smaller place? condo? etc. Identify possible solutions and assess Mom's motivation.

3rd: You call creditor with Mom and have her allow them to speak with you re: the matter. You present her case and offer to fax letter and proofs which are "in the mail". Ask to negotiate terms, right now.

Good luck, MIke. peace,

please help

Thanks for the reply.

FMV $300k

Heloc 1. $60k

Heloc 2.$120k

CC 1. $30k

CC 2. $30k

Mother has lived in house for 35-40yrs- and does NOT want to move out. Her daughter has really messed up here along with her OWN debt around $500k, will probably lose her own house and business. I have NO idea what she is spending on. I do know she was buying 'art' on a credit card with 26% interest and NOT making pymnts or selling the art.

Thank you,

Mike

Mike Dana forgot about the 6months back payments also. Sometimes the creditors will not do anything in these cases,most will want to press fraud charges against the daughter. But she did have POA so that's probably a dead end there.

If the property has equity still I would help her get a reverse mortgage, pay up the bills. Sense the daughter put her in the mess there is nothing for this woman to pass on. So if it can be done she will at least be able to live out the rest of her day in her own home,and maybe get a few buck a month if the equity is there.

Thank you for the info.

There may be MORE debt that has not been presented yet, which would only reduce the equity, if ANY left at this point.

I did entertain the thought of reverse mortgage,but, as a last chance. At least the Mother would be able to spend her remaining days in HER home.

As Always Jim, Thank you very much,

Mike

ever the expert. Deep bow. peace,