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jeyre23400 · Joined: 05 Oct 2008 Posts: 8 3.53 Dollars($)

I am 58 years old and had to move back to my Dad's home to care for him before his death in Dec 2007. I had to sell my home and use the money for us to live on. I had to quit my job as well. He passed away and I inherited his house with a mortgage. I am disabled and cannot work and cannot afford the mortgage. I have poor credit. Too young for a reverse mortgage. I would like to try cashout refinancing but will probably be turned down. Are there any recent government changes which may help me? Recent appraisal of house 254,000-o/s mortgage 120,000-would like 50,000 extra in refinancing. Help?

brian1 · Posted: Wed Oct 29, 2008 6:23 pm Post subject:

How do you plan on paying for the loan?
You had a job but are now disabled? Can you get another job like you had before?
I would start looking at selling otherwise you may risk foreclosure and losing much if not all of the equity that you have in the home.
There isnt anything out there unless you can qualify that takes ok credit (not perfect) and the ability to make the payment.
Good Luck
Brian

jameshogg · Posted: Fri Oct 31, 2008 12:39 am Post subject:

Hi jeyre!

This community has a number of lenders. You can consult them and have a fair idea about the type of loan you can get. I think you should go for a no-obligation free mortgage quote.

Thanks.

ctrotta · Posted: Thu Nov 20, 2008 1:50 pm Post subject:

You could get a hard money loan, but I wouldn't suggest it if you can't make the monthly payments. I agree with Brian, look into selling the house now, and maybe downsizing to something just big enough for you, or you and a boarder. With some luck, you could pay cash for the new home out of the proceeds, and be mortgage-free! Please consult a Realtor though to make sure of house value.

gmakerley · Posted: Fri Nov 21, 2008 9:50 am Post subject:

nice post, christina - hope you'll become another valued member of the community. you'll find that agreeing with what brian has to say is generally pretty easy, by the way.

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