lcuervos

Thank you very much for the advice

We were advised to pay off remaining unsecured debts under her husband's name since claims could be made against her, but to not start paying off credit cards until a new mortgage is in place. Hopefully the debt issue is resolved, now am seeking advice as to what type of mortgage makes the most sense financially for her.

My mother recently sold her house and has 115K to work with, and is looking to buy a new home. She has 11K in credit card debt (that I was told should not be paid off until a mortgage is put into place), and 14K in unsecured debt that was her late husband's (which I am still not sure whether or not she should pay off before or after getting a mortgage). Even if all debt is paid, and with a good credit score (720), and 90K left, what kind of mortgage would you recommend if she were to get a house for 160K in a low-tax area? She is 65, and has a 30K/year retirement pension that barely increases over the years. If anyone has an opinion on strategies: 15yr-fixed w/ 20% down to pay off as much as possible and have less in savings, 30-year w/ less down and have more saved up, reverse mortgage (though I have a feeling its a bad idea)? Anything would be greatly appreciated!

the state is Texas, no debts are in default. she has been paying minimum payment on the cards, and the others (medical, personal loan, plumbing) are within 4 years, so it looks like not past the SOL. I did read that settling for less can negatively effect the credit score, is that what you mean? yes, sorry a typo, 4K for plumbing. so it sounds like your advice is to pay everything off in full asap, even if the debt is in her deceased husband's name? that makes sense, I am just trying to get other opinions, since I am not very experienced, or well versed, in these situations. thank you.

Hello, My mother recently sold her house and I am trying to help her figure out what debts to pay off, which to try and settle for less, and which to not bother with now or at all. She is looking to get another property (maybe a 15yr fixed mortgage?) and so far has a credit rating of 716, but according to the report I see the bank payoffs after the sale of the house have not been reported. These payoffs came out to about 95K. Her husband died and much of the debt is under his name, however I think due to the state she lives in, the debt is considered hers as well? The debt under his name does not show up on her report. After the sale, she has about 115K to work with, but with these remaining debts: a private loan for 10K, no interest ~4000K owed to plumbing company for repairs credit cards: ~11K in her name on 3 cards, ~1500K in husband's ~1200K owed to hospital All of the above was her now passed husband's except the 3 credit cards mentioned. In order for her to successfully purchase a new home, get rid of as much debt as possible, but still try and have something saved for emergencies or to use otherwise, what would you suggest? Is it worth seeking paid professional advice? Is there a better place to post this? Thanks for any and all help. L.