Las Vegas Loan Modification

All of our financial problems started when he decided to buy two motorcycles, no wait, even before that… using the equity on our home. He took about $75,000 on a second mortgage. We were doing VERY well before he did that. He is the only one in our household of three who works… Then he lost his job. Now we’re months behind on our house payments, a credit card company is threatening to have my mom sent to jail over the $5,000 we owe. We still need to pay off the two mortgages on our house. And now my dad has found a NEW hobby. Photography.. He is spending THOUSANDS of dollars we don’t have! He keeps buying new equipment all the time… We decided to check the amount he spends in comparison to how much he brings in, and it barely breaks even. He even decided to drive 8 hours (There and back) to take photos of a wedding in Las Vegas for 3 hours, just to earn $150! We don’t know what we’re supposed to do! There has been thousands of dollars that is unaccounted for.. and we suspect he is most likely seeing a prostitute, since we have found numbers for them and whatnot repeatedly on his computer and in his cell phone. He’s 50 and still needs his parents to give him money, which he usually spends on himself. We need to file bankruptcy, but he’s still finding money to spend on all of his little hobbies.. What are we supposed to to? Can anybody give us a suggestion? And for the record, most of my mom’s bills are for things he bought, or he forced her to pay for things with her card, she has spent very little on herself.

Have your Mom talk to a financial adviser as well as a family counselor. When you speak with the financial adviser, talk to them about what you and your mother can do to protect yourselves from his future reckless spending. Your father may have some psychological or obsessive/compulsive disorder and may need help. You may also want to consider talking with a lawyer regarding what can be done. Another thing to consider is to have mother talk to the bank and see what can be done about getting her own accounts and having her name taken off the joint bank accounts so she is no longer financially liable for your father’s spending. Also, talk to your Grandparents about helping out your father by paying some bills instead of giving him the money directly or by giving you the money to pay bills.
If possible, have everyone including your grandparents, sit down and discuss what this is doing to your family and the stress it is putting you all under.