Taking on a challenge
Well folks, I finally got an agreement with my Mother. She stays till she decides to leave, but I am buying her house from her and using the equity to pay off the past due accounts. 
She did tell me "I only want what I paid for the place" This was $63,500 but what with the plumbing repair and front door replacement, I hiked that to $70,000. So my bills are $38,000 so I'll be paying $108,000 for everything, but avoiding a bankruptcy.
I look at this as something good as even if things go bad, I'd just have to give up the keys and walk away..a foreclosure is bad, but a BK is much worse..But since I won't be using CC's (I think they'll close the accounts anyway) I should be focusing on paying the loan.
Yes, this means a second job, I don't party (Being over 40) and thankfully am single. I'll feel LOADS better when Mom does move, as she needs more help then I can give her at this time.
How my sisters will react, I can partially guess, but since older one guards Moms accounts, she'll feel better seeing all those zeros and in addition, the money Mom gets, will take her past the 3 year medicaid law (They look back to see what person has done financially) so I'd be safe legally.
In conclusion, I DO wish you all the best, I pray that the law is NOT too nasty on new filers and that in time, we all have our day in the sun. I'll be back to let you all know how it went, the broker is thrilled it's a "Family purchase" so the paperwork is much fewer pages.
Yes, I'll be watching to see what the rate is, makes no sense for me to commit to something I know will fail in 6 months or less.
Again, I wish you all the best....(((((HUGS)))))
She did tell me "I only want what I paid for the place" This was $63,500 but what with the plumbing repair and front door replacement, I hiked that to $70,000. So my bills are $38,000 so I'll be paying $108,000 for everything, but avoiding a bankruptcy.
I look at this as something good as even if things go bad, I'd just have to give up the keys and walk away..a foreclosure is bad, but a BK is much worse..But since I won't be using CC's (I think they'll close the accounts anyway) I should be focusing on paying the loan.
Yes, this means a second job, I don't party (Being over 40) and thankfully am single. I'll feel LOADS better when Mom does move, as she needs more help then I can give her at this time.
How my sisters will react, I can partially guess, but since older one guards Moms accounts, she'll feel better seeing all those zeros and in addition, the money Mom gets, will take her past the 3 year medicaid law (They look back to see what person has done financially) so I'd be safe legally.
In conclusion, I DO wish you all the best, I pray that the law is NOT too nasty on new filers and that in time, we all have our day in the sun. I'll be back to let you all know how it went, the broker is thrilled it's a "Family purchase" so the paperwork is much fewer pages.
Yes, I'll be watching to see what the rate is, makes no sense for me to commit to something I know will fail in 6 months or less.
Again, I wish you all the best....(((((HUGS)))))
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