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Son wants to buy house to clear father's debts resulting from unemployment due to depression and alcoholism...
My father is suffering from alcoholism brought on by depression. This has been going on for a year, but debts have mounted. He is now out of work and his financial situation is: Mortgage 60K; Secured loan 21K; Credit Card 4K. I am thinking about taking out a separate mortgage for the house so that the house is cleared, however I an unsure what position my father will be in regarding the secured loan and credit cards. I think that the mortgage and secured loan will need to be paid for, though I am not too sure what legal obligations stand in respect to the security. The other loans cannot be paid due to him not being able to work. Can you advise?
What you are seeking to do is effectively purchase your father's property to provide him with a home whatever his future financial position. We would need to know the estimated value of the property to ascertain if this is feasible.
The difficulty is that any gift by your father could be potentially overturned. However there may be a solution connected with a purchase that clears the secured loan and then pays monthly sums for the balance.
Come back to us with how much the property is worth if you wish to pursue this.
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