My husband and I together with my mother-in-law bought a house a year ago. Everything's going smoothly until a couple months ago my mother-in-law informs us that she could no longer afford her share for the house. So we tried re-financing the house in our hope to make our mortgage go lower but it doesn't look good. If we don't get approved for the re-fi, there's no way my husband and i can afford to shoulder the whole amount of our mortgage!!!
Can anyone tell me what our other options are??? We don't want to lose this house as we know that it'll be harder for us to start over again in the future especially living in San Francisco area.
Please help! Thank you!
2007-07-31 07:24:10 · 5 answers · asked by tangerine 2 in Business & Finance ➔ Renting & Real Estate
I'm very sorry for you. It would seem you have explored your only option of re-financing for a lower monthly payment. If you can't afford it, hurry and sell it before it ruins your credit! Best of luck to you!!!
2007-07-31 07:28:41 · answer #1 · answered by sweetsum691 5 · 0⤊ 0⤋
yes i agree if you cannot afford the house with the refinancing you should sell it and do it quick before it ruins your credit . I would be very angry with my mom in law since she should have known this before you all bought it together . Never ever buy houses with relatives it is a bad sittuation all the way around . good luck and i hope the re fi comes through for you .
2007-07-31 07:34:16 · answer #2 · answered by Kate T. 7 · 0⤊ 0⤋
Replace your mother-in-law with another tenant. I can't believe your mother-in-law did that to you guys. But you two should have known better. Where you planning on her living another 30years until your mortgage is paid off? Come on! You should never bite off more than you can chew. P.S. Get second jobs, that would not be good to lose your house!
2007-08-03 20:30:50 · answer #3 · answered by marriedman 1 · 0⤊ 0⤋
Unfortunately, it is refinance or sell and find something you can afford.
Unless you want to attempt to litigate this with your mother-in-law, but that could get ugly.
2007-07-31 10:25:52 · answer #4 · answered by godged 7 · 0⤊ 0⤋
Everyone needs to get a second job.
2007-07-31 08:00:57 · answer #5 · answered by Expert8675309 7 · 1⤊ 0⤋