Should I buy the house or take over payment until we can sell it? Is there any assisted income rental property for her to live in Belleville, Il? What are my options with the mortage until we can get some time to figure things out?
2006-07-12 15:20:51 · 7 answers · asked by Jamie in Texas 1 in Business & Finance ➔ Renting & Real Estate
I'm a little suprised no one has suggested this... if there is enough equity in the property, sell it and buy something less expensive/smaller. If its a 200,000 property that only has a 50k balance left on the note... sell and buy a 100k property outright. Good luck.... and yes... you can negotiate with the mortgage company if you are behind in the payments... they do NOT want to own the property... they want the money, not the headache of selling. I have "made arrangements" before... during and after a divorce.
2006-07-12 15:57:14 · answer #1 · answered by robertonduty 5 · 1⤊ 0⤋
If she is retired, has value in the house. She can take a loan out against the house to pay the mortage.
My grandmother in her old age was getting tight on money and we took a 20,000 loan out on the house. No payments or anything. But either when we sold the house or she died and we sold the house then the 20,000 plus % was taken out of the balance of the house.
Nice way for seniors to still live at home in the 401k that they live in.
Or you can just take over the payments till you sell it and just ask for that cash back out of the selling price.
If you do a retirement home stear towards the ones ran by churches. They are cleaner, nicer and take better care of the elderly. Not so much interested in profit as they are for the people.
2006-07-12 15:25:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sorry to hear your situation!
your best bet is for you to buy the house for the amount your mom owes...otherwise the house can be go into foreclosure and then she has no place to live. You can also look into any assitance with a social worker.
Mortgages companies do not negociate payments, they have all no worries since they can just keep the house...
2006-07-12 15:26:22 · answer #3 · answered by hmc121667 3 · 0⤊ 0⤋
Do not buy the house if you can't personally afford the added expenses. You would probably be better just giving your mom the money and having her make her payments. If you buy it from her you will have the added expenses of the taxes and title and things like that.
2006-07-12 15:29:02 · answer #4 · answered by billybetters2 5 · 0⤊ 0⤋
Its called section 8 and run by hudd and there all over..Help your mom in any way you can with out making her feel to bad, be kind to her, she is your mother.... If you can afford it take over payments..I guess thats your best bet.. Talk to the mortage co.. they can also tell you about hud.. GOOD LUCK ROB IN TN>>
2006-07-12 15:29:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
See if the mortgage company will allow you to make interest payments only for a short time. That will save foreclosure. Then, see what you have to do to get your mothers act together. You are a wonderful child to want to help her. I applaud you.
2006-07-12 15:25:40 · answer #6 · answered by lockesmith 6 · 0⤊ 0⤋
I can help you only with your mortgage question. Nothing ANYONE tells you about missing payments or just making half payments is right. Any way you slice it you're gonna ruin your credit and make things impossible for yourself if you're late or short AT ALL. I see this all day every day.
2006-07-12 15:26:56 · answer #7 · answered by Anonymous · 0⤊ 0⤋