Posted on: 07th Nov, 2008 01:31 pm
my sister has been unable to find a job after being laid off. she has a house that she refinanced when she was divorced 5 years ago. she currently has a low rate with a balloon payment scheduled to mature in 2010, and a second with most of the principal still due. her mortgage was so low that she could probably roll the second into a refinance, but is afraid that she will not be able to qualify for a refi because she has no job and her credit is now bad following three years of fighting cancer with alternative treatments out of pocket. a compromised immune system made radiation and chemo too risky for her health. she has been living on her retirement money that she withdraws and pays high taxes and penalties on, but it's about to run out and she feels she needs to sell and retire some of her outstanding debt. what should she do?
hi guest!
welcome to forums!
without a regular source of income, especially a full-time job, it will be difficult for your sister to refinance the existing loan. i don't think she will even get a home equity loan or line of credit.
she can sell the property but she will have to pay off the loan immediately from the sale proceeds of the property.
feel free to ask if you have further queries.
sussane
welcome to forums!
without a regular source of income, especially a full-time job, it will be difficult for your sister to refinance the existing loan. i don't think she will even get a home equity loan or line of credit.
she can sell the property but she will have to pay off the loan immediately from the sale proceeds of the property.
feel free to ask if you have further queries.
sussane
Hi guest,
I understand your sister's problem. I feel sorry for her illness. Let's hope she gets better with time.
I feel your sister won't be able to refinance considering the fact that she doesn't earn. The best thing would be to sell the property and pay off the loan with the sale proceeds. Alternatively, if you'd like to keep the home for her, you can refinance the mortgage in your name and keep making payments, provided you're comfortable with it.
Regards,
Jessica.
I understand your sister's problem. I feel sorry for her illness. Let's hope she gets better with time.
I feel your sister won't be able to refinance considering the fact that she doesn't earn. The best thing would be to sell the property and pay off the loan with the sale proceeds. Alternatively, if you'd like to keep the home for her, you can refinance the mortgage in your name and keep making payments, provided you're comfortable with it.
Regards,
Jessica.
You won't be able to refinance it into your name if your not on title to the property for the last 12 months.
If she is at a low LTV a private investor may be able to make a loan for her but at a much higher interest rate. It may be an option depending on the circumstances.
If she is at a low LTV a private investor may be able to make a loan for her but at a much higher interest rate. It may be an option depending on the circumstances.
