I know an older lady (50) who has recently lost her husband. With her current income, she can't afford to make the house payments, car insurance, utility bill and things of necessities such as those. The house is in need of major repairs which she can't afford so selling is not a good option. Health problems does not allow her to work 2nd job. Credit is now shot. She pays the balance on her medical bills after the insurance has been filed. When her husband first went out on disabilty before his death, they filed bankruptcy (his income was lessened) and they were able to make all they payments. What should she do now? What options are available to her? We have helped her pay some notes but can't afford to keep this up.
2006-07-23 02:59:43 · 2 answers · asked by pretty_brown_eyes 6 in Business & Finance ➔ Renting & Real Estate
She has to prioritize bills and economize where possible. Some bills must be paid to preserve her situation. Mortgage, food, and utilities come first. Medical bills come at the bottom of the list.
Even though the house needs repairs, selling may still be an option. She should consult with a real estate broker to determine her position. Even if repairs are needed, the value may be high enough that trading down to something smaller and in better condition may solve her problems.
The best help you can give is to assist her in working up a budget. If you are helping financially, she will have no motivation to do this. It sounds a bit cold, but she has to live within her means and your financial assistance won't help her do this.
2006-07-23 04:24:40 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
depending on her age and income she might qualify to get help from a senior citizen program through, like red cross to get volunteers to help fix up the house. If that doesn't work maybe she could take in a roommate of someone she knows to help offset bills and do the repairs herself with the extra money
2006-07-23 03:05:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋