Legal Question in Credit and Debt Law in Indiana

Defaulting on Debt
My grandparents have been placed in an Assisted Living facility recently, which has significantly raised their living expenses, and we are trying to sort out their finances which include a decent amount of debt. We are going to default on their mortgage and allow foreclosure on their house so that the mortgage payment can go towards AL. Unfortunately, they have another loan ($20,000.00) and credit card debt ($6,000.00). They cannot afford to make these payments as their only income is Social Sec, a pension and Vets benes, all of which I know are exempt. Is there a good way to go about defaulting on these other debts? My father has POA - is it better that the letter come from him or directly from my grandparents?

Asked on 1/29/08, 11:54 pm

Robert F. Cohen Law Office of Robert F. Cohen

0 users found helpful

0 attorneys agreed

Re: Defaulting on Debt

If your grandparents have had the home for a while, as most older folks do, it's likely there's a good deal of equity. Have you checked that out?

Answered on 1/30/08, 12:25 am

Keywords

Match Any Match All

Country

State

Area of Law