I am trying to help my parents (age 76 and 78) figure a way out of financial difficulty.
Long story short, from everything I have read, debt settlement is their best bet. They owe about $90-95,000 in unsecured, short term debt and have about $55-60,000 in a 401-K. They want to try to do the settlement them.
Questions:
Two of their credit cards are from the same companies as their two home equity loans (chase and USAA). If they attempt debt settlement, is there any risk that these companies will somehow "call" the home loans.