Submitted by ocean2c20001 on Tue, 10/11/2011 - 16:14
fathers financial issues with mortgage
fathers financial issues with mortgage
Yes, hello...I need advice, my dad just lost his wife, he is 82, and now can't afford to pay his mortgage, his loan interest is 5.875 and has negative equity in home of about 54,000. His health is failing also, with some cash in the saving, which he'll need in the future, can you suggest anything beside foreclosure as his next step? Thanks Maryanne
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Welcome ocean,
Though there is a negative equity in your property, I will suggest your father to contact your local lenders and apply for a http://www.mortgagefit.com/reverse.html">reverse mortgage. This might help him save the property from an imminent foreclosure.