Hi everyone. My parents live in CA and my dad (retired) spent his life being stupid with money even though he made plenty of it.
At some point in the last 10 years he refinanced the house and I am trying to figure out what happens once he dies. Note, then house is not in my mom's name.
My mom was a SAHM and won't have real benefits beyond my dad's pension when he is gone. This should be plenty to continue making house payments.
My question is about what happens to his CC debt when he dies. There is no hefty savings account. Will my mom be responsible for that debt? Do you think the house will be at risk?
Thanks for any input. Right now I am just trying to get a grasp of the situation.
Father's debt and mother home question
byu/AzIsHotYo inpersonalfinance
Posted by AzIsHotYo
1 Comment
Mom should try and get name on the house, you don’t need to touch the loan but Dad can do a quit claim deed from dad to dad and mom. Will your dad leave any size if estate ( you imply not). Your mom is not obligated to pay the CC bills as long as she’s not on the CC but the CC co. may file a claim with his estate.