Longtime homebuilder can get help for asbestos-related cancer

Asbestos, which was widely used in the construction industry for decades, was essentially banned in the 1970s after doctors and the federal government determined it can cause cancer.

Q. My father, who is 76 and worked in the construction industry for half a century, was diagnosed recently as being in the early stages of mesothelioma. His spirits are good, but our whole family is bracing for huge medical bills as his treatment progresses, and none of us has much in the way of savings. Do you know anything about the trust funds that have been set up for mesothelioma victims?

A. I am so very sorry to hear this terrible news and will pray for your father and the rest of your family.

About 3,000 cases of mesothelioma are diagnosed each year, according to the Mesothelioma Cancer Alliance. The relatively rare cancer attacks the membrane lining of the lungs and abdomen. There's no known cure for the disease, but surgery or chemotherapy treatments can help.

Many of the victims who are suffering from the illness today worked in the construction industry decades ago and were regularly exposed to potentially cancer-causing asbestos. Use of practically any type of asbestos or products that contain it were banned in the homebuilding business by the federal government in the 1970s.

Your dad and the rest of your family have a handful of options now to cover some or all of the upcoming medical expenses, as well as for his pain and suffering. The employer (or employers) who subjected your father to the asbestos, its insurance company and the manufacturer of the material itself are potential defendants in a lawsuit.

Your local office of the American Bar Association probably can refer you to an experienced attorney who has handled asbestos-related lawsuits or other claims before. There are several organizations that provide the names and contact information of these specialized lawyers on the Internet.

If you decide to file a lawsuit, it would be better to do it sooner rather than later. Though it can take several years or even decades for mesothelioma to "present" itself, all 50 states set time limits on when a suit can be filed. Some states allow up to five years after the disease is first diagnosed by a doctor, but others allow as little as 365 days.

Several companies that manufactured asbestos or products that contained it filed for bankruptcy long ago, as the claims against them soared and so did the size of their required payments to victims. But judges and Congress finally got wise to this ploy, and started demanding that each company first establish a trust fund to help pay for future claims before their bankruptcy plan could be approved.

Filing a claim against these trusts can be much cheaper, and lead to a resolution much sooner, than filing a full-blown lawsuit. Still, it's best to consult with an experienced lawyer for help in completing the needed paperwork.

Q. We are planning to refinance. The problem is that, last month, we were charged a $35 fee for exceeding the limit on one of our credit cards. Will this fee be reported to the lender by the credit bureaus?

A. No. Credit bureaus don't track "over-the-limit" penalties on credit cards, so last month's charge won't be reported to the lender you choose to refinance the mortgage.

That's the good news. The bad: Your credit report will show that you're at or near the limit on the credit card. Mortgage lenders weigh the amount of credit you have available and the balances on each account, which affects the amount you can borrow and the interest rate that is charged.

Most economists say that no big swings in mortgage rates are expected over the next few months, so you might want to temporarily delay your refinancing plans, put your credit card away, and pay its balance down as quickly as possible to raise your credit score in order to get the best interest rate.

Q. My wife and I own a house together. We want to sell it and move back to Pennsylvania, but she's in the military and is shipping out for a second tour in Afghanistan next month. Can I market the property and sell it, even though she owns 50 percent of the house and won't be around to sign the papers?

A. You can, but you'll first need to have your spouse sign a basic power-of-attorney form. Her signature on the POA, which should be made in front of a public notary, will allow you to market the house and accept an offer that you deem fit while she is overseas. You might also have to file a copy of the document with your county recorder's office.

Your real estate agent or an attorney can provide you with this simple form. It's also available for immediate download on such popular law-related Internet sites as www.nolo.com or legalzoom.com for $30 to $50.

Please give my thanks to your wife for her service to our country.

Real estate trivia: Though asbestos didn't become widely used in the U.S. homebuilding industry until the 20th century, experts have determined that many in Europe and the Middle East used its long hairlike fibers for wicks in lamps and candles as far back as 4000 B.C.

• For the booklet "Straight Talk About Living Trusts," send $4 and a self-addressed, stamped envelope to David Myers/Trust, P.O. Box 4405, Culver City, CA 90231-4405.

© 2014, Cowles Syndicate Inc.