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The Ramsey Show Highlights

My Dad Took Out $520,000 In Mortgages In My Name Without Me Knowing

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 12 June 2025

⏱️ 9 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

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0:08.3

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0:11.7

Yeah, I'm calling to see. My father passed away last July, and when I was backpacking about 15 years ago,

0:18.9

we created a power of attorney to kind of protect me when I was

0:21.5

traveling as I had one experience where all my stuff got stolen. What I didn't know was that over the last

0:28.9

15 years, he had taken out about $520,000 worth of high interest mortgages. In your name?

0:34.8

And in my name. Wow. That feels like fraud to me.

0:39.9

Yeah.

0:40.6

So, yeah, I'm just kind of, at first, it was one of those things where I just didn't know if I should go to the courts for that because I was defensive and protecting my father.

0:52.0

But since now it's been almost a year and it's not really

0:55.5

been cleaned up at all. And I'm kind of not sure what to do financially. Oh, gosh. So have you,

1:01.2

you have reported it or not yet? I haven't. Okay. No. I think that's the first step, right?

1:07.6

It is you can see this thing on your credit report, so kind of saying this,

1:11.6

this wasn't me, this was my dad, and yeah, the fact he's, he's no longer with us. What are those

1:17.4

next steps? Yeah. Sorry, when I did, I speak to one lawyer at the beginning, and he said because

1:23.4

I had a power of attorney that my dad was legally able to do this on my behalf. That's kind of all the

1:30.7

legal advice I've been given. Okay. Yeah. So I and I did sign it, but in 2011, I believe. So yeah,

1:37.8

I'm kind of just not sure where to go now with that debt loan. The good news is this is secure

1:43.3

debt. So there's properties attached to this that you could sell?

1:47.0

They all have mortgages on them, yes.

1:50.0

But unfortunately, all the evaluations are inflated.

1:53.0

So the mortgages are actually worth more than the property.

...

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