Posted on: 04th Mar, 2010 08:34 pm
My Dad passed away two years ago with a mortgage that was only in his name. My name is on the deed. I have been making the mortgage payments but am having extreme difficulty doing so. I do live in the home. Am I responsible for the mortgage and if I am unable to make the payments will the bank be able to force me out of my home. Because of my financial difficulties over the last two years, my credit has taken a beating so I'm afraid the bank will not issue me a new mortgage. I'm not sure what to do at this point.
and i agree, rene...if it is possible for you to continue to make the payments, you will be fine. if you cannot, the lender will find it necessary to begin a foreclosure action to secure its collateral and you'll end up being pushed out.
OK. Now, to complicate things further. My business is in my home. Would I be able to get a business loan to pay off the mortgage and/or what about a reverse mortgage so that I can hang onto the property?
Hi,
"Because of my financial difficulties over the last two years, my credit has taken a beating so I'm afraid the bank will not issue me a new mortgage."
Getting a business loan will not easy if your credit is not in good standing. Moreover, a business loan is meant to be used for the purpose of your business. The lender may not allow you to use the proceeds from the business loan to pay off an existing home loan. As far as reverse mortgage is concerned, you need to be at least 62 years old and the property must be used as your primary residence. Moreover, there has to be enough equity in your property for you to get a reverse mortgage.
"Because of my financial difficulties over the last two years, my credit has taken a beating so I'm afraid the bank will not issue me a new mortgage."
Getting a business loan will not easy if your credit is not in good standing. Moreover, a business loan is meant to be used for the purpose of your business. The lender may not allow you to use the proceeds from the business loan to pay off an existing home loan. As far as reverse mortgage is concerned, you need to be at least 62 years old and the property must be used as your primary residence. Moreover, there has to be enough equity in your property for you to get a reverse mortgage.