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My Son Has HIV and My Husband Fled the Country. My Debts Scare Me. – Suzanne

“Dear Steve,

I am a 63 year old woman with a 27 year old son that is not in the best of health, due to his HIV positive status. My husband fled to Canada, after an arrest for domestic violence.

I am now locked into an interest only mortgage, and even if I did pay a little more each month, I still would not be able to pay off the house until I was about 84 years old.

I applied, and got accepted for, the HAMP program, which helped quite a bit. The first mortgage is $100,000, and the second is $20,000. I have no credit card debt, and my car is paid for. I work fulltime, and don’t see myself able to ever retire, as I need to keep a roof over our heads.

At my age, (63), what would be the smartest thing for me to do in regard to my interest only mortgage?

I always pay on time, and for that reason, the mortgage company has given me an incentive to be able to work the total amount down by a little bit here and there, but it is not very much, and the situation scares me.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Suzanne”

Dear Suzanne,

going to be amazingSo sorry to hear about your son. I hope he’s receiving medical care and the prognosis is good. Regarding your husband, good riddance it seems.

At the end of the day this is about math and options.

Which mortgage is interest only and how much is your home work, approximately?

Please post your responses and follow-up messages to me on this in the comments section below.

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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