Due to financial issues they need to sell the car asap but they still owe $14,000 to the bank. Can anyone tell me if they should let the bank reposes? The car needs a lot of work and the dealer offered very little money, Can anyone give me advice on how to handle this situation.
Any other debts they have: if your parents have dementia/memory issues and someone is operating as their FPoA, then don't answer or respond to any of those calls, write "No longer at this address" on their collections mail, etc.
Do they own their home? If so, this should be sold to pay for their care.
If they now have no funds to pay for AL, then you'll need to talk to the AL admins. Whatever you do, do not sign any paperwork making you responsible for paying for their care unless you are very wealthy. Very.
In most states Medicaid only pays for LTC.
To be honest I could be completely wrong so I'm curious as to what others will say. So don't take my word on this.
I am assuming you are POA. No one else can willy nilly deal with this. As POA you have the right to expert advice paid out by your parents funds, so I would run this by an attorney for your area with a phone consult if possible.
I have never had to deal with this so have no idea how to handle.
What make and model is the car? If it is a high rated brand, like Toyota or Honda, the remaining balance may not be too bad.(if there is one)