Help save my dad's house

G

gfoley

New Member
Hi everyone!
I joined this forum looking for ideas and possible solutions for my situation. I'm on the brink of losing my dad's house. When his health really started to decline last April, I took over paying his bills on top of me obviously paying my own bills. This has wiped us out financially. I'm going to end up selling this property, but the realtor says it could take months. I don't have the resources anymore to keep the house afloat for months. It would be awful for the loss because time ran out. There's a need of about $20,000 to keep the house long enough to sell. So if anyone here has any ideas or suggestions, please let me know. My thanks in advance.
 

I'm 57.
I set up a GoFundMe. But I'm not familiar with the actual running of a GoFundMe page. Still figuring it out. I also put a quick video on YouTube. Obviously I don't know what to expect, so I'm trying the "throw the spaghetti at the wall and see what sticks" method.
 

First:
welcome.JPG

I asked Pi.ai your question:

First and foremost, I am truly sorry to hear about your father's declining health and the financial strain you're experiencing. It's clear that you're doing everything in your power to keep your dad's house and support him during this difficult time. Here are some ideas and possible solutions that you might consider:
  1. Personal Loans: Explore the possibility of obtaining a personal loan from a bank, credit union, or online lender. You may be able to secure a lower interest rate if your credit score is good.
  2. Home Equity Line of Credit (HELOC) or Home Equity Loan: If the house has sufficient equity, you may be able to get a HELOC or a home equity loan using the house as collateral. It's important to note that this option involves some risk, as the house could be foreclosed on if you're unable to make payments.
  3. Bridge Loans: Some lenders offer short-term bridge loans designed to provide temporary financing while you're in the process of selling a property. These loans usually have higher interest rates and fees but could be an option in your situation.
  4. Cash Advances: If you have a credit card with available credit, you could consider using a cash advance to help cover expenses. However, be aware that cash advances usually come with high interest rates, so this should be considered a last resort.
  5. Crowdfunding: Online platforms like GoFundMe allow you to set up a campaign to raise money for personal causes, such as your dad's house. Share your story with friends, family, and your social network to gain support.
  6. Family and Friends: Reach out to close family members or friends to see if anyone can provide financial assistance. Be sure to have a clear repayment plan in place to maintain healthy relationships.
  7. Government and Non-Profit Assistance Programs: Research local, state, and federal programs designed to provide financial assistance for housing, utilities, or other expenses. You may also find non-profit organizations that can provide support during this challenging time.
  8. Negotiate with Creditors and Utility Companies: Contact creditors and utility companies to explain your situation and see if they can offer any flexibility or deferment options on payments.
Remember to carefully weigh the pros and cons of each option and ensure that you have a clear plan for repayment or managing the additional debt incurred. Consider consulting a financial advisor to help you navigate your situation and make the best possible choices for you and your family.
 
gfoley said:
I set up a GoFundMe. But I'm not familiar with the actual running of a GoFundMe page. Still figuring it out. I also put a quick video on YouTube. Obviously I don't know what to expect, so I'm trying the "throw the spaghetti at the wall and see what sticks" method.
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Welcome to Senior Forums. (y) Just be sure not to put a link or anything here in the forum... it's totally against TOS which says: "We do not allow market survey, research, voting, or fund raising threads."
 
gfoley said:
I'm 57.
I set up a GoFundMe. But I'm not familiar with the actual running of a GoFundMe page. Still figuring it out. I also put a quick video on YouTube. Obviously I don't know what to expect, so I'm trying the "throw the spaghetti at the wall and see what sticks" method.
Click to expand...
Is the house still in Dad's name? Don't put your name on the deed/title if it isn't already. If you are Dad's official executor, you should find out if you're going to be held financially responsible for the balance of the mortgage in the event of his passing.

A banker will tell you. Someone from the Legal Aid Society or your county's Senior Services Agency will tell you.

Paco Dennis has excellent advice in post # 7.
 
CallMeKate said:
Welcome to Senior Forums. (y) Just be sure not to put a link or anything here in the forum... it's totally against TOS which says: "We do not allow market survey, research, voting, or fund raising threads."
Click to expand...
I wasn't fund raising, just responding to a specific question.
 
gfoley said:
I wasn't fund raising, just responding to a specific question.
Click to expand...
Depending on what state you live in, you could be eligible to receive an income for being your dad's primary care-giver. Some states pay as much as $2,000/mo if he requires a lot of hands-on care. I think the average pay for basic care is $600 to $800. In Calif, it's $1,600 if your parent needs help preparing meals, keeping the house clean, and showering or bathing but can do other things unaided and unsupervised, like brushing their teeth, shaving, and walking around the house and outside.

Your county social services can set that up for you.
 
gfoley said:
Hi everyone!
I joined this forum looking for ideas and possible solutions for my situation. I'm on the brink of losing my dad's house. When his health really started to decline last April, I took over paying his bills on top of me obviously paying my own bills. This has wiped us out financially. I'm going to end up selling this property, but the realtor says it could take months. I don't have the resources anymore to keep the house afloat for months. It would be awful for the loss because time ran out. There's a need of about $20,000 to keep the house long enough to sell. So if anyone here has any ideas or suggestions, please let me know. My thanks in advance.
Click to expand...
May I ask where this house is? And how do I find your YouTube video?
Maybe I can help!
 

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