I live in the US and have just ended a call to my son who lives in the UK to tell me he has just found out that my parents are in debt for at least 25k!!
Unfortunately they never ever tell me whats going on, they are in their late 70's and the last I knew, they owned their house with no mortgage. They wont talk to me about it and unfortunately I am not in a financial position to go over for a visit to help. My brother lives with them who is 40 but is for a better word useless!! Plus we do not talk either!!
I need some advice, because they are at retirement age can they file for Bankruptcy (sorry dont know how to spell it) and if they did would they loose their house. They have nothing really of any value. Or the other option, I suppose, would be to get a loan on the house and the 'mortgage' company own the house upon their death, however would this be an option assuming the amount they owe is registered against the house (I think you call it a lien).
Can anybody give me some advice as to what I or my son can do, I'm sorry for the lack of information but this is all I have to go on at the moment!!
Thanking you in advance!