Oh my goodness! Last summer, an old friend died. Before he did, he called me and entrusted me with caring for his son. Now, since his son was middle- aged, you wouldn't think that would be such an issue. But Dad had sheltered him so well from financial matters that his son didn't even have any of his own credit. And Dad left debt - but substantial equity in his home.

It's been a year now. It's almost the anniversary of Dad's death. And Son just called me with the latest update on his financial education.

During the past year, Son has sorted out all of Dad's financial issues. He's become adept at working with his attorney to have the credit card companies settle some of Dad's debt. He's paid the rest. He's established credit of his own, to the point where he is getting those solicitions from the credit card companies inviting him to 'sign here'.

I promised his dad that I would find a way for Son to stay in the home, even though the mortgage payments would eat up all of his annual earnings. And I tossed around some ideas to make it possible for him to stay for at least 7 years, to get him on his feet, and to buy time to build up additional equity in the home.

Well... this has gotten so long...
it must continue here: http://taxmama.blogspot.com

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