Posted on: 18th Sep, 2008 01:31 pm
My mom is 70 years old and is on a fixed income.She was goated in to a second mortage by not understanding what she was doing or signing.Now she is struggling to pay two notes plus high assessments on her condo.Need advice on how to help her out of a bad situation.
Hello dimimi.
Does she have much other debt or was most of it paid off with the 2nd mortgage? I would definately say that the best option would be to refi the two into one fixed rate mortgage. This should lower the amount being paid each month and make the budgeting a little easier. :D
In all honesty, if she is having troubles paying the bills would you consider selling the condo and finding something more affordable? Depending on how much she owes vs. how much it appraises for this might be her best option.
Good luck!
Does she have much other debt or was most of it paid off with the 2nd mortgage? I would definately say that the best option would be to refi the two into one fixed rate mortgage. This should lower the amount being paid each month and make the budgeting a little easier. :D
In all honesty, if she is having troubles paying the bills would you consider selling the condo and finding something more affordable? Depending on how much she owes vs. how much it appraises for this might be her best option.
Good luck!
Hi dimimi!
It will be better if she could go for a refinancing and merge both the mortgages so that she could pay them off easily.
It will be better if she could go for a refinancing and merge both the mortgages so that she could pay them off easily.
it really depends on how much equity is in the property currently. if she owes less than 90% of what the home is worth, then it can be worth combining the first and second mortgage into one new loan. this should lower her payments.