On mobile - sorry. I don't think this breaks any rules, but apologies if I'm wrong.
Long story short, my mom (77) has been actively involved with a scam for approximately 2 years now. She gives them all her money. She didn't have much to begin with as her Social Security covers the mortgage but not really anything else (she does clean houses still - it's all cash & I'm assuming under the table) and her only real asset is her house. We haven't been paying mortgage and took advantage of the CARES Act/ Pandemic Forbearance.... Mom has been diligent about getting all the extensions - even after I thought we hit our max.
No amount of conversation seems to sway her from me or other people I thought she respected, and she shows no sign of stopping.
I've stopped helping her financial a while ago due to this scam.
Pertinent financial information: I'm co-signed on the mortgage (yes, I know that was a mistake), and am on the deed as a joint tenant (a blessing in disguise as she tried to sell her house to give the scammers the proceeds with the plan to buy it back from the millions they promised her ...). Due to liens and the mortgage itself, the house is not an asset that is likely to be of any financial benefit after mom's passing. (No purposeful plans for her demise, just acknowledging the enviable.)
I don't have a lot of money, but I have a some savings and retirement accounts. Recently moved to her state, but not in the house, with hopes to get her out of the scam - it's not working.
I'm currently eyeballing two main paths (each holding a bazillion questions) and I'm hoping wiser people than me can help me be aware of their potential pitfalls:
1) Financial Conservatorship (my preference as I think it's the best way to keep her from ending up homeless but it will probably destroy the relationship): - how hard is it to get granted? - how long is this process? - (assuming it's granted) if her SS isn't enough to cover her bills, will I be required to supplement it? - could I cancel her phone service and set up a new one/number I control (to try and prevent scammers from getting to her)? - could I redirect her mail to a POB I control? - would I be expected to move in with her? (And if so, would her being a hoarder allow me to NOT move in with her?) - could being a co-signer work against me? (Like the judge thinking it doesn't matter she won't pay the mortgage because I'm responsible for it too?) - am I putting myself at risk in any way here?
2) Let her do what she wants and I file for bankruptcy: - if I simply DO NOT pay the mortgage when it comes due can they somehow get it from my pay or tax returns? - can I file for bankruptcy even if I have a savings and money in retirement accounts? - would filing for bankruptcy essentially remove me from the deed? / Would this open the door for her to sell the house? - how long could she (and I) not pay the mortgage before she loses the house? - obviously my credit will tank, but are there others financial consequences I'm not thinking of?
I am going to friends and family for emotional guidance, but I think I need cold hard financial knowledge to navigate some of the potential pitfalls.
Thank you in advance for any and all insights, and shared wisdom.
Submitted March 05, 2022 at 12:39AM by MOUNTAIN01DEW https://ift.tt/MT8qwWR
