All Forum Posts by: Stacy Montes

@Dylan Vargas, thanks a ton...those were great tips indeed. I shall keep in mind all of them while looking for a lawyer. Definitely, research is important as I cannot trust a complete stranger. Thanks once again.

You are right @Brandon Battle, I should find a good probate lawyer to find out what is the best option for me. To be very truthful, I don't want to take over my mom's debt burden. However, if there is a possibility to reduce it to the minimal amount, I will try my best to do that. Thanks for helping me understand.

@Mark Pedroza, thanks a lot. That's something I didn't know about and I feel that time has come when I should start off with fulfilling the legal formalities. Thanks once again!

 It's $45000, got muddled up with an extra zero.

 Alice, The debt is the sum total of mortgage and credit card debt. Home mortgage is not much, I would say more than 75% have been paid and my kids and me shared the home with my mom. Furthermore, I'm her sole inheritor. We intend to continue living in this home unless something adverse happens. My concern is credit card debt. It is about $450,000 and with three kids ages 3, 5 and 11 yrs, I'm finding it difficult to handle to both the debts. I think I will follow your advice to rent out the first floor and negotiate with the creditors. It seems to be a good plan.

Thanks a ton for making things so clear!!!

My mom died last month leaving behind a home and a huge burden of debt. I'm emotionally attached to the house and I don't want to sell it. Being a single mom, I don't have enough to pay off her debt. What is the best thing that I can do? The family house is a duplex. Will it be a good idea to sell a part of it and get rid of some portion of debt? Later, I can probably look for ways like negotiation or consolidation and pay off what remains. Another idea that is coming to my mind is to rent out the floors to two tenants. Too stirred up emotionally to take the right decision after losing my pillar of support.