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Ask Dave

Haunted by the Past

Sarah says her husband was in a fatal car accident when he was 18. He has a criminal restitution order. They owe $232,000 at 10% on that order and can't refinance their home. How should they handle this?

QUESTION: Sarah in Phoenix says her husband was in a fatal car accident when he was 18. He has a criminal restitution order, and it’s been 20 years since the accident. They owe $232,000 at 10% on that order and can’t refinance their home. It is worth $300,000 and they owe $200,000, and make $90,000 a year. How should they handle this?

ANSWER: I would hire an attorney and see if any of that can be reduced given the number of years. Someone somewhere is going to know something about this. I would find one and hire them to see if some of this can be adjusted because that is a huge order.

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