Posted on: 13th Sep, 2008 05:14 pm
I recently had to take a medical retirement, greatly reducing my monthly income, making the established mortgage paymts and paying the medical bills is eating up all of my savings. I am trying to sell some retirement property I purchased years ago, but real estate is moving very slowly and that will be a temperary fix. My mortgage is with Nation Point and the loan is just over a year old. help - please- THANK YOU
If you can rent for less that your current mortgage, you may want to consider selling your home and renting for a while. Or you could consider taking on a roommate.
You didn't mention if the retirement property had a mtg. another option may be to move into your retirement property, and rent your current residence until the market comes back and then you could sell it.
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You didn't mention if the retirement property had a mtg. another option may be to move into your retirement property, and rent your current residence until the market comes back and then you could sell it.
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What you are looking for is a forebearance agreement. THis is when the lender temporarily reduces your payment due to temporary financial difficulties. Make sure they understand it is just temporary and they should be able to work with you.
