Answers (6)
- sunnyview
- Contributions:26916
It is really nice of you to step up and try to help, but you maybe dealing with a case of financial elder abuse based on what you are saying. I would contact your state or local office for elder ombudsman or an office in your state that handles elder abuse complaints. Your relative has a right to know where that equity went and what papers were "signed on her behalf".
Not asking B of A for a copy of the paperwork is not an option and she needs to know what was signed. I think that you may need to get her some help to revoke the old power of attorney and get someone else to look into the finances for her. The office of the ombudsman or the national agency can tell you what you can do and how they can help.
Do not wait to sort this out. Often if it is elder abuse, the people who had their fingers in the pot count on not being found out until after the person has passed away which makes this harder to deal with. Maybe everything is above board, but I do not like the sound of what you/she is being told by the "friend". Cut that legal POA and start digging into the facts.
Not asking B of A for a copy of the paperwork is not an option and she needs to know what was signed. I think that you may need to get her some help to revoke the old power of attorney and get someone else to look into the finances for her. The office of the ombudsman or the national agency can tell you what you can do and how they can help.
Do not wait to sort this out. Often if it is elder abuse, the people who had their fingers in the pot count on not being found out until after the person has passed away which makes this harder to deal with. Maybe everything is above board, but I do not like the sound of what you/she is being told by the "friend". Cut that legal POA and start digging into the facts.
- annika23
- Contributions:24
Thank you for your input.
- annika23
- Contributions:24
thanks for your imput
- wetdawgs
- Contributions:40746
Something sounds fishy. Please investigate it fully. "elder abuse" is what leaps to mind, of course.
I have PofA for an elderly relative, and any important piece of paper can be produced at almost any time (usually within minutes), as can the P of A document.
I have PofA for an elderly relative, and any important piece of paper can be produced at almost any time (usually within minutes), as can the P of A document.
- annika23
- Contributions:24
thank you for your advice
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:4322
Ask b of a for a copy. They service the agreement they can't alter it because you inquired. Most HELOC will have a 10 or 15 year draw period. During this period the payments are interest only and adjust monthly based on Prime Rate plus or minus a margin. Prime hasn't moved for several years so the payments likely have been steady and also very low relative to the balance. When the draw period end there will typically be 10 year repayment period to pay back what is owed in installments. Of course you need to read the loan agreement to find out the actual details that apply to your scenario.
Interest only Equity Line with 296K balance
Any advice?.
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