I am 62,already own other property, & on a fixed income. I have been here 14yrs. & it has sentimental issues. I don't know what to do. It needs fixed up to sell, & I don't have the money to do that.
2007-03-15 12:48:50 · 6 answers · asked by sporsterhippy59 1 in Business & Finance ➔ Renting & Real Estate
Refinance... If you are not in default - you should refinance before you get there...If you are in default, and have at least some equity in the home, you can still get a foreclosure bail-out loan to refinance out of trouble. I am a loan officer, and I have access to many programs that are specifically for people in foreclosure or in danger of going in foreclosure. Feel free to send me an email with your phone number if you would like a free, no obligation consultation - I will be able to tell you the options you have when I know more specific information... I would be happy to help you through this difficult situation.
2007-03-15 14:19:41 · answer #1 · answered by Jeremy M 1 · 0⤊ 0⤋
If you are looking at a forclosure, you might be too late to do a refinance. You need to get off the brink of forclosure, maybe sell some other property you own.
2007-03-15 19:57:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
if you have the option it is always better to refinance instead of going into foreclosure. You could try a reverse mortgage and maybe use some of the money that you receive to pay for life insurance so that when you pass away the life insurance pays out the mortgage. Then your dependants will have a free and clear property
2007-03-15 20:02:40 · answer #3 · answered by Anonymous · 0⤊ 1⤋
well thats going to depend on several issues
#1 what is the LTV (loan to value )
how much do you owe . what will it get on the market if you sold it .
even if the bank does a forclosure on the home , under stand that if they sale it for less then you owe on it they can and will come after you for the differnce , and with you owning other property , they will more then likely seek a judgment against you , and be added as a lean holder against any other property you own , with the new bankruptcy laws , your chances their are not good .
sorry to be the one with bad news
also you can't do a reverse mtg , if you have no equality in the home
2007-03-15 20:01:06 · answer #4 · answered by Anonymous · 0⤊ 2⤋
If you can refinance, that would be better than a foreclosure. While you're checking on refinancing, also check on a reverse mortgage on your home wherein the financial institution will give you money for your home today and the home reverts to the financial institution upon your death.
2007-03-15 19:56:50 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Does the other property you own generate income? If not, what about selling one of those assets, or using them as collateral for a home improvement loan.
2007-03-15 20:11:22 · answer #6 · answered by barbara 2 · 0⤊ 1⤋