Posted on: 10th Oct, 2009 12:12 pm
I haven't received any answers ...
Am I wording my question(s) improperly?
Because my name is not on the loan, I was told I have two options ...
Which option is more beneficial?
Take out a new loan or assume the existing loan.
The exisiting loan is for a dbl wide mobile home on a lake used as a weekend retreat. The rate on the loan is 6.125%.
My husband died; the current loan is assumable.
I have been trying to sell the property for the past 2 years; nothing. Financially, this property is killing me.
Am I wording my question(s) improperly?
Because my name is not on the loan, I was told I have two options ...
Which option is more beneficial?
Take out a new loan or assume the existing loan.
The exisiting loan is for a dbl wide mobile home on a lake used as a weekend retreat. The rate on the loan is 6.125%.
My husband died; the current loan is assumable.
I have been trying to sell the property for the past 2 years; nothing. Financially, this property is killing me.
elisamcdowell
Your question is confusioning.
Are you trying to keep the property or you are tryign to get rid of it
Your question is confusioning.
Are you trying to keep the property or you are tryign to get rid of it
I wish I could sell the property, but have not received any offers in 2 years. It is a vacation property only.
The mortgage & interest rate are high ...
The insurance is costly b/c the property is not in name & cannot purchase new insurance due to it.
My question is would it be better to get a new loan to lower the monthly payments & also quality for a lower insurance rate?
Or just assume the existing loan?
Does this make sense?
The mortgage & interest rate are high ...
The insurance is costly b/c the property is not in name & cannot purchase new insurance due to it.
My question is would it be better to get a new loan to lower the monthly payments & also quality for a lower insurance rate?
Or just assume the existing loan?
Does this make sense?
Anyone have a better interest rate than the 6.125% I am currently paying on this vacation property?
you can take help of No-obligation free consultation section for free counseling on the right. loan from community consultants
The only way to know is by running the scenarios side-by-side and reviewing the amortization schedule to see the long term effects of both loans. A software program called "Mortgage Coach" is designed for that purpose.
thanks ...
i came to learn my name is on the title ...
a widow friend of mine suggested i read my documents again ...
she & i are both widows ...
come to find out upon the deaths of our husbands that each of our banks left our names off the loans to forcing us to refinance if the loan was not assumable ...
from my other widow friends, i have learned a great many of them have had this done to them also ...
it sucks being a widow!
i came to learn my name is on the title ...
a widow friend of mine suggested i read my documents again ...
she & i are both widows ...
come to find out upon the deaths of our husbands that each of our banks left our names off the loans to forcing us to refinance if the loan was not assumable ...
from my other widow friends, i have learned a great many of them have had this done to them also ...
it sucks being a widow!
The mortgage statements addressed to:
Estate of (deceased spouse) ...
Because grief can emotionally cripple a person making them non-functional & highly confused these things can go unnoticed for years such as it has been for myself & my widow community ...
Shame on these large financial institutions for doing this to widows even after probate especially in the darkest time in a person's life ...
Estate of (deceased spouse) ...
Because grief can emotionally cripple a person making them non-functional & highly confused these things can go unnoticed for years such as it has been for myself & my widow community ...
Shame on these large financial institutions for doing this to widows even after probate especially in the darkest time in a person's life ...
I know. Thats really bad
But thast the world we live in
But thast the world we live in
it's not so much that banks/lenders etc. have no feelings - it's simply that they don't have a whole lot of sense. i don't think that there's any conspiracy, either, to get you to refinance. but i understand (slightly) how it can look.
perception is reality for many, and that's a fact of life. i hope your situation will ease, and it's comforting to know, no doubt, that you have others with whom to discuss the travails of your life.
perception is reality for many, and that's a fact of life. i hope your situation will ease, and it's comforting to know, no doubt, that you have others with whom to discuss the travails of your life.