[netmilsmom]

As the parent of a Marine, you should get Kudos for helping your son out. Bless you!

My parents did what they could for me too.
Pitifully, I inherited their house, paid it off, met my hubby, sold his house and that house and bought a little 2000 sq ft place big enough for us.

Now no one will buy it in MI. We paid 160,000 and it’s worth 120,000. Two generations of house, down the drain. Thanks Barney Frank.

[Myrddin]

I'm confident that my son will make good on his debts and be back on his feet. The economy is tough for everyone right now. All of my contracts ran out of funds last November. I have many irons in the fire that should bear fruit. Last time I was in this position (June 2002), my previous boss just sent me a layoff notice. I've managed to maintain 100% time sold from August 2002 until last November.

My wife did a "quit claim" on her mom's house. She was entitled to 1/3 when it was sold. The fly in the ointment was her youngest brother. He was given a "life estate" to keep the house as long as he maintained it and paid the insurance. He did neither. I was concerned that some event might occur on the property that would lead to a liability suit. My wife and I would be the "deep pockets" as her two brothers own little and don't care for what they do have. It was easier to just get clear of the liability. In the end, her brothers sold the house and squandered the proceeds. My wife should have received about 1/3 of the $500,000 selling price.

My mom is living in her home in San Diego. It is free and clear as well. I hope she can enjoy it for many years. By the time she passes, I expect the inheritance tax to be back at 55%. The house will have to be sold for taxes. I'll split what is left with my sister.