My father is in need of cash to pay off various debts and is

>>1059528

I'm also Canadian

>>1059528
>>1059533
Does he have a job? Why not just leave the mortgage alone and just pay the debts with his salary?

>>1059549
Yeah don't refi. The credit cards look like the real problem here. See if he can't restructure/consolidate those or go to Lending Club and get a loan for that stated purpose.

>>1059564
He's currently unemploymed and has been for several years now.

>>1059568
Then how would he pay back his "friend" in the first place? This doesn't make any sense. Is he on disability and unable to work or he just can't find anything? There's something coming in every month or there's no question here. If he has no income at all, he should just file bankruptcy and/or foreclose on the 1.5m house.

Is this for real?

He's receiving his old age pension so he's getting 700 a month for that. He'll be forced to sell his house in a few years. This move is just to prolong his ownership.

>>1059590
If you have power of attorney, you can cancel his credit cards and tell them all debts will be settled by the estate. They deal with this all of the time. I mean if the accounts are active and you guys are still making payments on them. If so, just stop. That will save you money. I can see taking out a loan to help w mortgage and groceries etc but I agree with you, 300K sounds like too much.

Word to the wise, if he only gets 700/mo pension and has no savings, that won't be enough for a retirement community when the time comes. Best to try to hold onto the house til the very end.

>>1059599
why not just sell the home and move into a cheaper one?

>>1059613
Perhaps it's too much of a short term fix to a long term problem, plus selling houses is like pulling teeth these days, by the time they pay the real estate agent they could be another half million in debt

>>1059599

I have bank POA. I'll see if I can sort that out. We both want to hold on to the house as long as possible. It appreciated 30% last year alone.

>>1059528
That 2% fee is fucking brutal , he's gonna pay 15k in fees to pay off how much credit card debt?

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>tfw just refinanced my car with a credit union and saved $3,000
>1.6% APR
>730 credit

>>1059630

My thoughts exactly, paying 15k just to pay off some CC debt and have a few thousand as cushion. It seems that he's backed himself into a corner where he has to borrow money to avoid forclosure.