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Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 35304
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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I am the POA father. He has considerable credit card

Customer Question

I am the POA for my father. He has considerable credit card debit, can I get a consolidation loan for him as his POA from a bank and pay these?
JA: The Estate Lawyer will need to help you with this. Please give me a bit more information, so we can help you best.
Customer: Live in state of Texas, his total liabilities are 91K with 31K annual fixed income. Of the 91K, 30K is credit card, other is mortgage. Monthly minimum CC payments = 740.00. Short fall of about 700.00 a month. Has only about 6 month of savings left.
JA: Anything else I can tell the Estate Lawyer before I connect you two?
Customer: looking for a yes or no answer as to first question
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Estate Lawyer about your situation and connect you two.
Submitted: 11 months ago.
Category: Estate Law
Expert:  Barrister replied 11 months ago.
Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question..Unless you had good credit and wanted to apply along with him as a cosigner, then a lender is not going to allow you to apply on his behalf for a loan, even with a POA. .It would be a better idea to have him file bankruptcy so as to discharge the debt and get a clean slate here because he likely would qualify. He can "reaffirm" the mortgage and exclude it from the BK and continue as normal with it but it would get him away from the ridiculously high credit card interest rates....thanksBarrister