Posted on: 26th May, 2009 07:37 am
My husband died very suddenly one year ago. We had a family business that was dependant on his skills. Suddenly I have no income other than $1000 per month from renting a part of our property. I have gone through almost all the cash I have and the only asset left is my property (valued around $800,000) still ower 260,000 on the mortgage. Also I have not been able to make payments on 2 credit cards and due to recent illness will not be able to work for another year. Without a job do not think I will qualify for mortgage modification. What are my options?
you are most definitely in a tight spot, need. the first thought i had was that if you are 62 years of age or more, you can obtain a reverse mortgage that would pay off your existing loan and on which you'd not be liable for payments.
frankly, i don't know of any other solutions, other than attempting to sell the home. that would, at least, free up all your equity and, perhaps assist you in downsizing if you need to do so.
frankly, i don't know of any other solutions, other than attempting to sell the home. that would, at least, free up all your equity and, perhaps assist you in downsizing if you need to do so.
As George stated, your options are very limited. If you are of age to qualify for the reverse, you will be utilizing the equity you have in the property. If you cannot qualify for the Reverse program, you should seriously consider selling the property and utilizing the proceeds from the sale to purchase something out-right. Before things get out of hand, you should contact a lender for the Reverse program or a Realtor in regards to listing the property. Please contact your current mortgage lender if you become unable to keep up with your payments to avoid losing this property. I hope this helps...
George's suggestion to downsize makes the most sense. Your home is obviously a large one (worth $800k) and your taxes are probably high too. Even if you get your rate adjusted, you will be in a negative cash flow situation. Seriously consider selling.
