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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: copper0003/14/2005 11:44:51 PM
  Read Replies (2) of 110194
 
I've been a reader of this board for a while now and have learned from many of you.

I have a personal problem that I would like to get an opinion on:

My father, who is 63, lives alone in the house I grew up in.
My parents got divorced last year, and my mother moved out into a condo she purchased.

My Dad doesn't make a lot of money. He does some brokering in the publishing industry. I don't even know how he pays the mortgage on the house. I know that he refinanced once, and I guess he's using that money to live on.

He called me today and told me that he got a call from a bank and was offered a $20,000 loan, either a home equity loan or a line of credit. And that he is seriously thinking about taking the loan to help with expenses and to "help his business". Knowing his history, I don't think he will put this money to good use.

I tried to tell him that I think he will be making a mistake, but being the stubborn person that he is, he didn't want to listen to me. If I pursue this further, I think this will lead to a family battle, since he already thinks everyone is against him. Can his debts be passed on to other family members? I think my mother's name is still on the mortgage.

I apologize for getting so personal, but I'm just looking for some ideas on how I can approach this. I'd appreciate any thoughts.
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