Comments on: My Mother Was Recently Widowed and Lost Half Her Income. – Mo http://getoutofdebt.org/8156/my-mother-was-recently-widowed-and-lost-half-her-income-mo Free debt help and debt advice on how to get out of debt, getting out of debt consolidation scams, and inside information on the debt relief and debt help industry. Sun, 12 Feb 2012 06:45:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Steve Rhode http://getoutofdebt.org/8156/my-mother-was-recently-widowed-and-lost-half-her-income-mo#comment-16195 Steve Rhode Sat, 24 Oct 2009 02:47:15 +0000 http://getoutofdebt.org/?p=8156#comment-16195 Shiloh, Follow the lawyers advice but get some additional official death certificates and include those with the letter to the creditors. That usually takes care of the matter. Steve Shiloh,

Follow the lawyers advice but get some additional official death certificates and include those with the letter to the creditors. That usually takes care of the matter.

Steve

]]> By: Shiloh Dreem http://getoutofdebt.org/8156/my-mother-was-recently-widowed-and-lost-half-her-income-mo#comment-16179 Shiloh Dreem Fri, 23 Oct 2009 03:26:21 +0000 http://getoutofdebt.org/?p=8156#comment-16179 my father passed away at 85 last month. My mom is 85, on limited income with only social security, she is awaiting my dads pension. Creditors are harassing us via phone and letters. I have informed these credit card harassers that we do not own any property, have no estate and these credit cards were solely in my dead fathers name. My mom has limited income and we pay $1400 rent. We had to take up a collection just to have the funeral! A debt collection agency, Phillips and cohen, had the nerve to call me at 8:30 at night while at church. I literally had a panic attack. I just spoke to them last week about the situation and they were nice and hung up. What can I do? The lawyer just tells me to write a letter explaining my dad has no assets or estate and he is the sole signer. Any cosigned cards I have agreed to pay for since they are in me and dads name. my father passed away at 85 last month. My mom is 85, on limited income with only social security, she is awaiting my dads pension. Creditors are harassing us via phone and letters. I have informed these credit card harassers that we do not own any property, have no estate and these credit cards were solely in my dead fathers name. My mom has limited income and we pay $1400 rent. We had to take up a collection just to have the funeral! A debt collection agency, Phillips and cohen, had the nerve to call me at 8:30 at night while at church. I literally had a panic attack. I just spoke to them last week about the situation and they were nice and hung up. What can I do? The lawyer just tells me to write a letter explaining my dad has no assets or estate and he is the sole signer. Any cosigned cards I have agreed to pay for since they are in me and dads name.

]]> By: Steve Rhode http://getoutofdebt.org/8156/my-mother-was-recently-widowed-and-lost-half-her-income-mo#comment-16126 Steve Rhode Wed, 21 Oct 2009 18:30:42 +0000 http://getoutofdebt.org/?p=8156#comment-16126 Mo, A possibility, yes. But if you want a payment plan then a debt management plan will be the answer. It's just that a process already exists for this with the creditors so they know what to do in the system to keep interest rates reduce over the five or so years of full repayment. If you are looking to pay back part of the total owed right now you will unfortunately need to fall 90 to 120 days behind on the accounts before you'll get the best settlement offers. Those offers will be for single settlement payments or up to six payments. Creditors are doing slightly different things at the moment. The big issue is that in the intervening months she will be in collections, she will get collection calls, her credit will be shot and she might be sued. As you can see, it is a huge risk. Steve Mo,

A possibility, yes. But if you want a payment plan then a debt management plan will be the answer. It’s just that a process already exists for this with the creditors so they know what to do in the system to keep interest rates reduce over the five or so years of full repayment.

If you are looking to pay back part of the total owed right now you will unfortunately need to fall 90 to 120 days behind on the accounts before you’ll get the best settlement offers. Those offers will be for single settlement payments or up to six payments. Creditors are doing slightly different things at the moment.

The big issue is that in the intervening months she will be in collections, she will get collection calls, her credit will be shot and she might be sued. As you can see, it is a huge risk.

Steve

]]> By: mo http://getoutofdebt.org/8156/my-mother-was-recently-widowed-and-lost-half-her-income-mo#comment-16124 mo Wed, 21 Oct 2009 16:52:23 +0000 http://getoutofdebt.org/?p=8156#comment-16124 Steve, Thanks for all the free advice I really appreciate your efforts. One more question. Do you think there is a possibility to work directly with the creditors. Bank of America & Chase. Advise them of her situation and see if they would work out a Debt settlement and allow her to make lower payments that would actually work toward paying off the pricipal on these cards? Or will I get the run around and be wasting my time? Steve, Thanks for all the free advice I really appreciate your efforts. One more question. Do you think there is a possibility to work directly with the creditors. Bank of America & Chase. Advise them of her situation and see if they would work out a Debt settlement and allow her to make lower payments that would actually work toward paying off the pricipal on these cards? Or will I get the run around and be wasting my time?

]]> By: Steve Rhode http://getoutofdebt.org/8156/my-mother-was-recently-widowed-and-lost-half-her-income-mo#comment-16105 Steve Rhode Wed, 21 Oct 2009 00:53:44 +0000 http://getoutofdebt.org/?p=8156#comment-16105 Mo, I think as long as you watch over the loan, then a loan makes more sense. However, you might want to investigate a traditional mortgage and a reverse mortgage to check all your options. With a reverse mortgage she can take cash out now and not have to repay it. A “reverse” mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay a loan each month. The cash you get from a reverse mortgage can be paid to you as: • a single lump sum of cash; • a regular monthly cash advance; • a “creditline” account that lets you decide when and how much of your available cash is paid to you; or • a combination of these payment methods. No matter how this loan is paid out to you, you typically don’t have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older. You can discuss the pros and cons of a reverse mortgage with a HUD approved reverse mortgage counselor. You can <a href="http://www.hud.gov/offices/hsg/sfh/hecm/hecmlist.cfm" rel="nofollow">find one near you by clicking here</a>. Steve Mo,

I think as long as you watch over the loan, then a loan makes more sense. However, you might want to investigate a traditional mortgage and a reverse mortgage to check all your options. With a reverse mortgage she can take cash out now and not have to repay it.

A “reverse” mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay a loan each month.

The cash you get from a reverse mortgage can be paid to you as:
• a single lump sum of cash;
• a regular monthly cash advance;
• a “creditline” account that lets you decide when and how much of your available cash is paid to you; or
• a combination of these payment methods.

No matter how this loan is paid out to you, you typically don’t have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.

You can discuss the pros and cons of a reverse mortgage with a HUD approved reverse mortgage counselor. You can find one near you by clicking here.

Steve

]]> By: mo http://getoutofdebt.org/8156/my-mother-was-recently-widowed-and-lost-half-her-income-mo#comment-16104 mo Wed, 21 Oct 2009 00:14:29 +0000 http://getoutofdebt.org/?p=8156#comment-16104 Yes, I am willing to help her with this. And like you, I agree her ability to pay now is minimal. So let me ask you this? Her home is free of any leans now. If she went the route of Bankruptcy. chapter 7 or 13 will they place a lien on her home for any repayment plan? Or, would we be better off taking a mortgage out on the home securing the debt at a much lower intrest rate. And setting her up on a 10 year mortgage or how equity loan and keeping her crdit rating in good standing? Yes, I am willing to help her with this. And like you, I agree her ability to pay now is minimal. So let me ask you this? Her home is free of any leans now. If she went the route of Bankruptcy. chapter 7 or 13 will they place a lien on her home for any repayment plan?
Or, would we be better off taking a mortgage out on the home securing the debt at a much lower intrest rate. And setting her up on a 10 year mortgage or how equity loan and keeping her crdit rating in good standing?

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