my plumeria hollow and squishy in places. it appears to be cracking and peeling in other places. is there any hope for it.

It would help to see a photo of entire plant and how it is planted. And if you can answer some more details like:
How long have you been caring for it?
What soil did you use and watering frequency.
Is it being grown indoors or outdoors?

pictures would help. Grannie, we will try to help you solve this problem.