ok well my mom is going to buy a house that is $79,000
she gets about $649 every two weeks.but she says that she might not be able to work for long because she doesnt feel so well.. WHAT MIGHT HAPPEN IF SHE HAS THAT DEPT AND SHE IS NOT WORKIN?? but we have some money in the bank
please help me.
thanx
2007-06-04 11:16:39 · 4 answers · asked by Jacky rox 4 in Business & Finance ➔ Renting & Real Estate
There is alot of info you left out, will she be off temporarily, or is this permanent, if permanent does she have other income coming in...ie social security, a pension etc. a 100% one loan at 79,000 (not sure of what state you are in, so I am unable to calculate the closing costs) with the lender paying mi, 30 year fixed at 6.5 (avg rate for today) her payments would be 499.33 (principal & interest only) Are you going to be on the loan or just her? you would have to figure in, any other income, her bills, will she be able to make the payments? If she's planning on leaving her job, based on what you have said, don't buy the house. If you or someone else in your family is going to be on the loan too, then it might work. you'll have to sit with her and crunch some numbers and see if its feasible.
2007-06-04 11:40:03 · answer #1 · answered by superloanlady 2 · 0⤊ 0⤋
As long as she has the money to make the payments, nothing will happen. If she can't make the payments, eventually the home will go to foreclosure and you'll be evicted from the home.
2007-06-04 18:21:44 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If she continues to make the mortgage payment after retiring then nothing happens at all. If she fails they bank takes the house and she has to find another place to live.
2007-06-04 21:20:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I suggest you get a free report on that. Go to the site below and click BUYERS and then download it there.
2007-06-04 18:51:26 · answer #4 · answered by Workfortoday 3 · 0⤊ 1⤋