Finding A Way Out!!
By The Chef | August 7, 2008
I have been blogging lately about the terrible financial straits that my in laws are in. They are seriously delinquent in their mortgage and have barely put their second home up for sale. We had been living in the second home up until a year ago, but during the entire year that we’ve been in this house, that house has stood empty and WITHOUT a For Sale sign.
It all started three years ago when my brother in law got a job out of state. His wife had just passed away, and he was missing a lot of work. Add to that the fact that he was addicted to Heroin, and you can get a picture of just how fast he was going nowhere. With the new job, the in laws saw it as a way for him to clean himself up. So to be as supportive as possible they gave him one of their credit cards. It didn’t have a huge credit limiit, just enough to get his weekly hotel and rental car. He would pay off the credit card each week with his expense checks. Well…as with most drug addicts that wasn’t exactly how it worked out. He called the credit card companies pretending to be my father in law and eventually got his credit limit raised to $40,000. He was getting cash advances to pay for his habit as well as the minimum payment on the card. Then he stopped paying it altogether. The expense reimbursement checks also made their way to the drugs, and as with any company, he was terminated shortly thereafter. This left him with a huge credit card bill, a huge addiction, and no way to pay for either one.
My in laws were not smart in handling the situation. They refused to have the credit card fraud assigned to their son, and worked really hard to pay off the card, at the same time letting their mortgage and car payments slip further and further behind. 2 years ago, on the brink of foreclosure they sold their house to an investor and had 18 months to get their finances in order, claim Bankruptcy, and get another mortgage to buy the house back from the investor. As with most of the things in their lives, this didn’t happen. Last January they became responsible for a monthly payment of $3000! They are nearing eviction on the home they are in, and just yesterday got their second home up for sale.
They have not been smart in working their finances, and if they were to take the Bills IQ test…they would get a well deserved “F”! My husband and I have finally had to wash our hands of their financial situation. We have lost hours of sleep worrying about them, and we have our own problems to worry about!
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