refinancing

ewwkids · Joined: 03 Apr 2008 Posts: 2 1.32 Dollars($)

can you refinance your home if you have low income/senior and your home is currently in arrears in taxes. I owe nothing on my home it is free and clear. I need to pull out the equity in it. last year i had it appraised in hopes that my daughter could buy it (that did not work out). The appraisal came in at 65k by the way . I do not currently have liquid cash to pay my taxes. What do you suggest????? also the home is scheduled for sheriff sale for the tax balance in August

gmakerley · Posted: Mon Apr 07, 2008 11:46 am Post subject:

the pending legal action to sell the home for nonpayment of taxes would seem to be a hindrance to refinancing. that's not to say it's impossible. how much is the tax due? what is your income? what is the likelihood that you would be able to make payments on any new mortgage that you were to take out? these are all questions that any lender is going to have to ask in order to consider a refinance.

bailing you out of the tax sale is not necessarily a good investment for a lender, so it is going to take affirmative answers to the above questions for such a refinance transaction to make sense.

Niicss · Joined: 03 Oct 2005 Posts: 807 118.35 Dollars($)

Welcome,

If the title is free and clear then you can take out a loan against your property. I shall suggest you to shop around a bit for lender for better rate and term. You can even contact the community lenders at http://www.mortgagefit.com/unitedstates/

Let me know if you have any more queries.

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