Re: Financial concepts

[Guest guest]

Judy,

Your son needs to apply for Medicaid for this surgery. It sounds like he has no private insurance, and with his home on the line-- and him having to go off work for 6 wks, they may qualify for a Share of Cost Coverage from the State. They should also look into refinancing their home, and making just one escrow payment. I know the market loans are tight-- but NO ONE wants to take another foreclosure, so it may be a good time for them to refinance and get a lower payment. He doesn't need to tell them he's going to be off work for 6 wks, and that surgery is pending. That shouldn't enter into it.

Bankruptcy is another choice-- but if he has equity in the house, they may not allow him to do that.

Tying up too much debt into the equity of his home-- like if they have credit cards maxed in addition to the second, he'll want to BK those, and not take them on as part of the refinance. I know the laws have changed about this issue in the last 2 yrs, and sometimes the judge will tell them to include all that into the refi-- but it's worth a shot.

and I were in the same boat-- and our 93K morgage has grown to a 140K mortgage. I wish I'd understood more about the BK process and such rather than have included the extra (medical) debt into our home-- but it's hindsight now. Good news is that interest rates have dropped alot-- and so there are many good deals out there. You can even get it so that your insurance and taxes are included in the monthly payment, so that you don't have to try to come up with those extra monies every six months.

You know you can't rescue them from themselves, but if they are willing to listen, and research what it takes to pull this together, they can keep from losing their home.

Suzie Orman is a wonderful resource for financial advice. One of the best ideas I've gotten from her show is that if you have 2 car payments, and are in trouble financially, you can either surrender one of the cars, or sale it and pay it off, and get a cheap 2nd car that gets you to and from work. Cutting out one payment and getting somehting that you can drive with just PL and PD (Public Libility and Public ??) cuts the cost of your auto insurance drastically. Whatever cars you fnance, you have to have full coverage on-- and that is expensive. So that is another way to cut costs.

Calling the credit card companies and requesting lower rates-- is also good. So many are coming out with 3 or 4% interest-- and again, they'd rather work with you than have you close up and file BK. There are also Credit Counselors out there that will do this for them-- for a small fee. I've seen it work wonders- but some agencies frown more on the CC's than they do a BK.

As for you, to stress yourself out over what is happening with them is only going to make you sicker-- and this is not a good thing. I know it's in our genes to protect and fix the world- but ya know, sometimes the world doesn't wnat to be fixed. So just love them through this-- whatever decision they make.

Hugs,

Tracie

NS Co-owner/moderator

Jackie I loved your post , would like some advice from the group

Jackie your note was what I needed. Life has been very uncomfortable and unsetteling. I am going to a a counselor who was in charge of our psych department when I worked in the inner city health center.Tomorrow they will attempt to do a bone marrow biopsy again. Dr. Baughman feels sure that my bone marrow has granulomas and that is why my bone marrow has been so sick.My son who was diagnosed with pulmonary sarcoid was hit in the tummy by a plane he was working on privetally so no workmans comp. He is now experiencing a hard not movable mass in his abdomen that he can feel when touching his abdomen. He will have another catscan and then so a surgeon for evaluation.He is very much in debt as so many young families are now adays.He doesn.t believe he has any disability insurance and he and his wife just can't get it straight that they are in debt way over their heads, To the tune of a second

mortgauge for $50000 . His wife works part time as a nurses aide.. This is the son who was diagnosed with pulmonary sarcoidosis last year. We flew to Cincinnati to see Dr. Baughman. Who had wonderful treatment options and his cough is now gone.They have ordered another CT of his abdomen and made a consultation appointment with a good local surgery group. If he needs to have abdominal surgery and is off from work for 6 weeks he could possibly lose everything. And we just don't have the money to pay their bills.It is hard for nurses to be uinable to fix something.My husband who really a great person told me not to worry, they have chosen this lifestyle and that maybe losing their home will be what is necessary for them to see that they are living a life beyond their income ability. I know he is right. It still makes me hurt to see them act so irresponsaibly. about a year before they

bought their home I suggested that they talk to a friend who is a terrific realtor and find out what the payments would be for the the type of house they were looking for;. Then each month put the amount over their current mortguage into the bank until they decide to buy that home. Then evaluate what changes in their life style would be necessary to buy the new home. Of course they chose to not do that.Everyone I need some help dealing with all of this. Most of all I need advice and a hug.Your buddy,Judy in PA