do a credit score on mom's social security. if you are POA, then stop the bleeding.
Put a stop on her SSN. she doesn't need c/c's advances, etc. stop the bleed, contact SS, and get the credit report. When you do get it, you may need to file a police report, and a sample of moms signature to prove it's forgery. Then have it notorized. If you want to get nasty with it, you may have to have him arrested for elderly abuse and forgery.
Lawyers, guns, and Money,,,,, Dad get me out this.... Sorry- Rick Derringer song long time ago...still a great song/
Does your mother know? I would get to the bottom of this. I went thru this my brother. It started out at $25,000 and three years later was about $80,000. Much other money was stolen, antiques sold. It was a mess. If you feel there is a problem, there probably is. Trust your instincts. If a bank holds this line of credit and there is real estate involved, you can probably find out the amount of lien against this real estate at the county clerk of courts office.
There is paperwork...... the issue will be how to find it. & you having authority as her DPOA or guardian to search on your moms behalf.
So bro has used what assets of your moms as collateral? House, car, investments, stocks, life insurance policy, art... all are assets that can be used as collateral to get secured lending. And if secured lending there will be paperwork filed. So what was put up as collateral? The type of asset will determine what paperwork was done.
Unsecured lending is pretty rare to get, other than co-signing student loans; OR unless your Bro is getting $ from Gino the kneecapper or running guns, drugs, flesh or $$$.
my mama and Dad (deceased) signed loan agreement back years ago. Revolving line of credit against stock. No copies of loan agreement left behind. Brother not talking just saying that I don’t understand. He is “smarter”
Dixie - if it is actually “against stocks”, it is NOT a revolving line of credit, it is rather a “margin”.
here’s my understanding of how margin & the very more important “margin call” work...... stocks have a value & wire houses / brokerages can have you use a set % of the $ value of the stocks at the date of the draw to take as cash or use to buy other stocks. (Latter tends to be what happens as it’s a way to grow your portfolio.... you use your $ to make more $). The % allowed to borrow or cash out is the margin; it might be 50% if you’ve got a diversified & more blue portfolio. % will be in the margin agreement. Margin $ can be lump sum or over time.
Heres the rub, if the value of the stocks should go at or below the value of the margin, it triggers a margin call. When you get a margin call, either the rest of the stocks have to be sold OR you wire over the margin call $ amount like now to keep your account open. Margin calls happen fast & the terms, especially as to settlement, were something your folks or their financial authority DPOA signed off on. Wire houses have compliance officers you can contact as to status on accounts you are dpoa for, if you know who brokerage is you can google compliance for your area. Compliance officer act independently of a local brokerage office, their regional or out of home office. They tend to be women too... like women with a lot of authority & no bs.
There are investors who use margin all the time as it’s a loop of using your $ to make $ but there kinda should be other investments or income cause margin calls can wipe you out if all $ just in those stocks. That’s a lot what happened for the dot.com tech bubble like 20 years ago and a bit in 2008 recession. If your folks had $ invested back them, thier portfolio could have taken a huge hit & maybe still working back up.
paperwork is there, it’s at brokerage of when initially done & if brokerage has gotten sold or folded into another one (lots did since 2008), thetes gonna be research needed
Put a stop on her SSN. she doesn't need c/c's advances, etc. stop the bleed, contact SS, and get the credit report. When you do get it, you may need to file a police report, and a sample of moms signature to prove it's forgery. Then have it notorized. If you want to get nasty with it, you may have to have him arrested for elderly abuse and forgery.
Lawyers, guns, and Money,,,,, Dad get me out this.... Sorry- Rick Derringer song long time ago...still a great song/
So bro has used what assets of your moms as collateral?
House, car, investments, stocks, life insurance policy, art... all are assets that can be used as collateral to get secured lending. And if secured lending there will be paperwork filed. So what was put up as collateral? The type of asset will determine what paperwork was done.
Unsecured lending is pretty rare to get, other than co-signing student loans; OR unless your Bro is getting $ from Gino the kneecapper or running guns, drugs, flesh or $$$.
here’s my understanding of how margin & the very more important “margin call” work...... stocks have a value & wire houses / brokerages can have you use a set % of the $ value of the stocks at the date of the draw to take as cash or use to buy other stocks. (Latter tends to be what happens as it’s a way to grow your portfolio.... you use your $ to make more $). The % allowed to borrow or cash out is the margin; it might be 50% if you’ve got a diversified & more blue portfolio. % will be in the margin agreement. Margin $ can be lump sum or over time.
Heres the rub, if the value of the stocks should go at or below the value of the margin, it triggers a margin call. When you get a margin call, either the rest of the stocks have to be sold OR you wire over the margin call $ amount like now to keep your account open. Margin calls happen fast & the terms, especially as to settlement, were something your folks or their financial authority DPOA signed off on. Wire houses have compliance officers you can contact as to status on accounts you are dpoa for, if you know who brokerage is you can google compliance for your area. Compliance officer act independently of a local brokerage office, their regional or out of home office. They tend to be women too... like women with a lot of authority & no bs.
There are investors who use margin all the time as it’s a loop of using your $ to make $ but there kinda should be other investments or income cause margin calls can wipe you out if all $ just in those stocks. That’s a lot what happened for the dot.com tech bubble like 20 years ago and a bit in 2008 recession. If your folks had $ invested back them, thier portfolio could have taken a huge hit & maybe still working back up.
paperwork is there, it’s at brokerage of when initially done & if brokerage has gotten sold or folded into another one (lots did since 2008), thetes gonna be research needed