Finance & Accounting

I agree that responsibility needs to be taken ...

I agree, Kim, that the sister should take some responsibility. And this is a good lesson: You can try to help your kids, but don't take on their debt. Help them pay it down if you can, but do not change it and put it in your name.

Thanks!

Thanks for the info! I haven't tried it out but I will take a look at Oasis. I have already looked into Qvinci and they have some really great tools. This software is amazing! They also have partner programs for QB ProAdvisors where you actually make a pretty good profit on reselling it to your clients. You might want to seriously take a look at this.

Patience ...

Borrower's need to be aware that if they are trying to buy a bank owned home, they need to be patient. When you put in an offer on a bank owned home, it can take weeks to a few months to receive an answer from the bank. Many borrowers get frustrated at waiting and walk away during this time.
It's a good time to rely on the expertise of a knowledgeable Realtor and Loan Officer to make sure you know you were not forgotten.

One More Option ...

Bless this family for the loss of their mother. My condolences.
I think you are correct on the ppd - that it will not payout because the mother was not the only person on this card. However, another option would be, and I don't mean to sound ugly here, but what about the sister?? I understand that she has no assets and says that she would like to pay the debt. I say it's time for her to step up.
How could she live with herself piling this debt on her father especially when he didn't even know about it? If they call and get the payments lowered due to his fixed income, maybe it will help her to be able to make the payments. Even if they can't get it lowered, she should make the payments at least until her debt amount is gone.
Maybe I'm missing a piece of the puzzle in their scenario, but if the sister had this debt, she should do what she can to help pay it off and not rely on her father to pay her debt.
By the way, great suggestion on pooling money to get it paid. Maybe that will help them.

Engage Boomers in your Startup ...

This article supports what I have been preaching for some time - that boomers and startups go together well. See my blog.startupprofessionals.com entry with the subject title to get my specific role recommendations.

Marty Zwilling, Founder & CEO, Startup Professionals, Inc.