My mom was too embarrassed to tell me that she never paid back the loan she took out for me. I took the same size loan of 12k back in 1991 and paid mine back. Last year I was horrified, and shocked to learn she now owes over 40 thousand dollars. I am astonished that it is even possible to have a loan go unpaid that long, and for it to balloon up like it did. It has followed her and ruined her credit all these years. Now she wants to buy a house with her husband of ten years and the tax lien is making that impossible (they need her income to qualify). Her Fico is actually 670 which is surprising, but it doesn't matter. So here are my questions: If they are somehow able to buy the house together, can the government take the house eventually or attach the lien to it? If he is able to buy it himself, but puts her on the deed, not the mortgage, can they take the house if he dies? Also, will they negotiate down the amount owed if she agrees to a payment structure? I am also of course feeling guilty because the loan was for me, and I'm sure she has resented me all these years in some way. If it was still 12k I would agree to pay it for her, but she let it get so big I can't even fathom taking on that responsibility. Any advice appreciated.
Submitted January 19, 2017 at 08:51AM by SK_RVA http://ift.tt/2jBMZP8
