Comments on: My mother-in-law passed away on Tuesday. Now, my father-in-law has mortgaged the house & faces losing it? http://www.bankruptcy-help-resources.com/my-mother-in-law-passed-away-on-tuesday-now-my-father-in-law-has-mortgaged-the-house-faces-losing-it/ Quick Answers to Bankruptcy Questions & Understand How Bankruptcy Laws Affect You Thu, 03 Dec 2009 17:06:21 +0000 hourly 1 http://wordpress.org/?v=3.1 By: armywife http://www.bankruptcy-help-resources.com/my-mother-in-law-passed-away-on-tuesday-now-my-father-in-law-has-mortgaged-the-house-faces-losing-it/#comment-1963 armywife Wed, 01 Apr 2009 14:15:41 +0000 http://www.bankruptcy-help-resources.com/my-mother-in-law-passed-away-on-tuesday-now-my-father-in-law-has-mortgaged-the-house-faces-losing-it/#comment-1963 "It is on a lot of old farmland and he has lots of tools, equipment, etc." you just answered your own question. sell the land and keep the house with a few acres around it. “It is on a lot of old farmland and he has lots of tools, equipment, etc.”

you just answered your own question. sell the land and keep the house with a few acres around it.

]]> By: mj69catz http://www.bankruptcy-help-resources.com/my-mother-in-law-passed-away-on-tuesday-now-my-father-in-law-has-mortgaged-the-house-faces-losing-it/#comment-1962 mj69catz Mon, 30 Mar 2009 17:42:43 +0000 http://www.bankruptcy-help-resources.com/my-mother-in-law-passed-away-on-tuesday-now-my-father-in-law-has-mortgaged-the-house-faces-losing-it/#comment-1962 He can file bankruptcy. Keep in mind that any of the bills for HER medical care may have died with her. Your first job is to see an attorney. You could start with an estate attorney, or with a bankruptcy attorney - or a firm that has both. They will help direct you. The bank will lose money on the house if you sell it, it is in their best interest to work with you. You may also want to contact the bank, and let them know about her death - they may be willing to let him skip the December payment on the loan in this situation. If you do decide to file bankruptcy, you can keep the house out of the bankruptcy in most instances -- but you need to think about whether or not you want to do that. If you think that the house is a burden, and that it may be time to think about dad moving into an assisted living facility or something like that (I don't know your situation) you may find it easier to give the house up in the bankruptcy -- but the attorney will help you with making those decisions. He can file bankruptcy. Keep in mind that any of the bills for HER medical care may have died with her.

Your first job is to see an attorney. You could start with an estate attorney, or with a bankruptcy attorney – or a firm that has both. They will help direct you. The bank will lose money on the house if you sell it, it is in their best interest to work with you. You may also want to contact the bank, and let them know about her death – they may be willing to let him skip the December payment on the loan in this situation.

If you do decide to file bankruptcy, you can keep the house out of the bankruptcy in most instances — but you need to think about whether or not you want to do that. If you think that the house is a burden, and that it may be time to think about dad moving into an assisted living facility or something like that (I don’t know your situation) you may find it easier to give the house up in the bankruptcy — but the attorney will help you with making those decisions.

]]> By: jbeaul http://www.bankruptcy-help-resources.com/my-mother-in-law-passed-away-on-tuesday-now-my-father-in-law-has-mortgaged-the-house-faces-losing-it/#comment-1961 jbeaul Fri, 27 Mar 2009 22:39:23 +0000 http://www.bankruptcy-help-resources.com/my-mother-in-law-passed-away-on-tuesday-now-my-father-in-law-has-mortgaged-the-house-faces-losing-it/#comment-1961 Things are not as bad as they may seem. Senior services for those with little are often better than those you can pay a reasonable amount for. I know this sounds terribly socialist and a lot of people's pride won't allow them to take advantage of the housing and healthcare available. But I recommend having a conversation with a financial advisor who specializes in the elderly and/or estate planning. They will have unique insights about these programs. I've heard of people giving away their house and holdings just to qualify. Sounds like your father-in-law is already there. But this can wait a while so your spouse's family can bury their mother. Good luck! Things are not as bad as they may seem. Senior services for those with little are often better than those you can pay a reasonable amount for. I know this sounds terribly socialist and a lot of people’s pride won’t allow them to take advantage of the housing and healthcare available. But I recommend having a conversation with a financial advisor who specializes in the elderly and/or estate planning. They will have unique insights about these programs.

I’ve heard of people giving away their house and holdings just to qualify. Sounds like your father-in-law is already there.

But this can wait a while so your spouse’s family can bury their mother.

Good luck!

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