Let them take everything?

[jinman]

Richard, I think as a POA for your aunt, your responsibilty is to her and nobody else. You should do what is best for her and let the other people's "chips" fall where they may. If her property is worth nothing (or less than nothing by your description) then I think I'd let it go to foreclosure after you are satisfied there is nothing of value there. If you can obtain an signed affidavit from another relative or two, that would also show your good intent. Your responsibility ends where her assets end. You have no responsibility to go out of your way or take money out of your pocket. If she were of sound mind and was presented with this, would she do any different? That's the question you have to ask.

Of course, I have no legal credentials and this is just adviice coming from experience. I'm reminded of my visit to the bank after my father passed away. I told them I had POA for him. The bank VP informed me that I did not. He said POA only exists as long as the person is living. If I was not the executor of the will, he didn't want to talk to me. Luckily, I was also executor.

 

[SPIKER]

Richard, I think as a POA for your aunt, your responsibilty is to her and nobody else. You should do what is best for her and let the other people's "chips" fall where they may. If her property is worth nothing (or less than nothing by your description) then I think I'd let it go to foreclosure after you are satisfied there is nothing of value there. If you can obtain an signed affidavit from another relative or two, that would also show your good intent. Your responsibility ends where her assets end. You have no responsibility to go out of your way or take money out of your pocket. If she were of sound mind and was presented with this, would she do any different? That's the question you have to ask.

Of course, I have no legal credentials and this is just adviice coming from experience. I'm reminded of my visit to the bank after my father passed away. I told them I had POA for him. The bank VP informed me that I did not. He said POA only exists as long as the person is living. If I was not the executor of the will, he didn't want to talk to me. Luckily, I was also executor.

good info JIM: I didn't think to say anything about being executor or contacting other members of family in writing! got to think of what others will say AFTER it is all said & done... I'm no attny either just speaking from/with advice that I've seen from others in area. one such was 2 members of my GF family didn't even show up to her dad's funeral yet caused a big stink after the settlement of the estate as they didn't get anything & cost legal fee's more than the estate was worth when they wanted THEIR SHARE & hadn't seen her DAD in 15 years in one case!!!

Mark

 

[Tom_H]

God, we've been through this kind of thing with my parents and my wife's parents. This has to be one of the most frustrating aspects in life. I don't have any advice for you, and I don't mean this flippantly, but I feel your pain. Been there, done that, not fun. Good luck, Godspeed.

 

[schmism]

make shure you check in with a lawyer for the long term financial situation.

even if they foreclose, its my understanding that you (someone) are still the hook for the balance of the loan. If the load was for 80K and they auction for 50K you (someone) still owes the bank 30K.

i dont know what exists out there for protections when it comes to garnishing pensions or social security, or life insurance payouts etc...

 

[QRTRHRS]

Not trying to detract from the serousness of this thread but I have a bit of levity to add

True story. Older couple, he is failing in health, bank is trying to repossess. He passes away. His wife fulfills his last wishes though some she thought strange.

Seems he wanted to be cremated and have his ashes spread on the property so she dutifully did so. In his writings, he said "and then let us see those sob's get me off of this property"!

 

[jinman]

make shure you check in with a lawyer for the long term financial situation.

even if they foreclose, its my understanding that you (someone) are still the hook for the balance of the loan. If the load was for 80K and they auction for 50K you (someone) still owes the bank 30K.

Steve, it's always good advice to check with a lawyer familiar with estates and probate. I agree.

This is not a disagreement, but just further info. The reason I was at the bank after my father died was that he had co-signed a loan with a family member for a car. As it turns out, my father had made over 1/2 of those car payments because the family member would get behind and the bank would contact my father. When I got a letter from the bank after his death, I went for a visit. The outcome was that they simply asked for a copy of my father's death certificate and removed his name from the note. I'm not sure all banks or all states would have similar processes. It's just what happened in my case.

 

[Ronbo]

My mom is now in a nursing home after a series of strokes. They kept giving me different time frames for her coming home until I told them she will not be coming home. She has no place to live, cannot shower or bath herself. Cannot walk or get dressed. She is now there for life. Just let them know that she will not be coming home, as she has no home and cannot care for herself. That will changer her status.

Ron

 

[4720 OWNER]

Went thru similar, here in MN, a social worker was assigned and then a state sponsored executor (aka vulture). They had all the contacts and info needed so i just stepped back and watched them go. Sure they did some things that i would have not done but then again was it worth all the hassle to try and do it myself? Nope. Would not have gotten paid for all the hassle as well since the court would have ruled that it was a 'family resoponsiblity'. Skip all the hassle and step away and breath a sigh of relief and go and see mom once in a while. Believe me, those trips are the worst when she may cry and ask you to take her out out of there, and maybe even made up stories of abuse and such. Your boat will be tough enough to row, let it go.

Just IMHO.

 

[Richard]

even if they foreclose, its my understanding that you (someone) are still the hook for the balance of the loan. If the load was for 80K and they auction for 50K you (someone) still owes the bank 30K.

i dont know what exists out there for protections when it comes to garnishing pensions or social security, or life insurance payouts etc...

I'm no attorney either however, there is no way I can believe that anyone who didn't sign any documents will be financally responsible for anything that she created as an individual. they sure are not going to intimidate me nor anyone else that we owe anyone a dime in this situation.... they can (will) go after her and/or her estate. It will be too bad for them that there really is no estate.

Now, what is a bit interesting is, she filed bankruptcy and as I'm finding out, included literally everyone. Her home mortgage, her car loan, maybe a credit card.... everyone so, as I understand it (being a dummy) she has no more responsiblity to those folks however, they (home & car) DO have the right and obligation to go after their collateralized assets and take them.


That's why they're forclosing on her, she filed bankruptcy on them.

I wish I'd known what was going on..... but that's how she lived her life. not telling anyone anything and if anyone ever asked about anything she'd get pretty worked up towards them accusing them of meddling in her business and "why don't you just go back home" kind of stuff.

Actually, it's a pretty sad story from her perspective.

 

[FrogLick]

When my parents had to give up their home and move into assisted living, they sold their house and kept the mortgage note. Unfortunately the buyer wasn't regular in payments, bounced many checks, and didn't pay anything for months at a time. He was so far behind in payments that the loan balance with accrued interest was more than the original loan (sale) amount or what the house could have been resold for. After my parent's death my sister and I filed foreclosure. Of course he promply filed bankruptsy. This became kind of a tit-for-tat situation as far as the courts were concerned. We as the mortgage note holders just became another creditor (there were many) and the courts would decide on how his "payment plan" would satisfy the creditors. Guess a home isn't really collateral for a mortgage loan at all and the courts are loath to throw a man out of his castle.

I feel your frustration and applaude your willingness to try to do the right thing for your aunt and the rest of her family. Maybe I missed it but why doesn't her "don't sell anything" son have POA instead of you, her nephew? Will you also be executor of her estate? No matter what you do in either capacity I think it will be impossible to make everyone happy and only attorneys will come out ahead.