Home Equity Loan Or Refinance Bad Credit Help Also
Q: I have a rather interesting situation that I know I will need professional help, but I was wondering if you could help point me in the right direction... My mother had passed away a little over a year ago and me & my sister got the house. I had been living there since birth and the last year taking care of my mother.(Alzheimers) My sister & I came to an agreement that I would pay for her house in Florida (127,000) and I could keep the house. My house was appraised at 371,000. My mothers house had loans on it for 17,000 which had matured in 2002 and dont ask me why the mortgage company wasnt hunting my mother down, but they were not and another loan for 10,000 for some home improvements. I had to take out a mortgage to pay off the existing loans & pay for my sisters' house per the agreement, but I could only get a 30 year mortgage for 150,000 according to my mortgage guy. I was very nieve back then, wait till you hear my APR! 9.75! Anyways after paying lawyers fees, some old credit I owed, the mortgages, etc... I only could pay 83,000 towards my sisters house. So now I pay 1585/month for my mortgage 852/month for my sisters and now I have Mass Health coming after me for my mothers expenses of 19,000! That was just one year of using them as my mothers health coverage. That is a whole other issue but a nyways.... I know I can no longer afford to live here, and I would like to leave the neighborhood anyways and build a new house in a couple of years. I need some advice in what I should do in the short term. I plan on selling my house as soon as I fix up some things, but I am not sure if I should take out a home equity loan or just try and refinance. I have been current on my mortgage since I got it (Nov 2003) but I know my credit is still bad. (FICO = 653 as of 09/04) Please help!
Update: Just got denied for Citizens bank HEL of 50K on 10/16/04. I dont know what to do. I have over 200k in equity and Im gonna lose my house.
A: > I have a rather interesting situation that I > know I will need professional help, but I was > wondering if you could help point me in the right > direction... My mother had passed away a little over a > year ago and me & my sister got the house. I had been > living there since birth and the last year taking care > of my mother.(Alzheimers) My sister & I came to an > agreement that I would pay for her house in Florida > (127,000) and I could keep the house. My house was > appraised at 371,000. My mothers house had loans on it for > 17,000 which had matured in 2002 and dont ask me why > the mortgage company wasnt hunting my mother down, but > they were not and another loan for 10,000 for some > home improvements. I had to take out a mortgage to pay > off the existing loans & pay for my sisters' house per > the agreement Did your mother's estate go through probate, and was it settled in court with a judge and a lawyer? If so, then all of your mother's debts, including house mortgages, should have been settled at that time. None of this should carry over onto you (not unless you were married to your mother, which would be highly unusual). > but I could only get a 30 year mortgage > for 150,000 according to my mortgage guy. I was very > nieve back then, wait till you hear my APR! 9.75! > Anyways after paying lawyers fees, some old credit I > owed, the mortgages, etc... I only could pay 83,000 > towards my sisters house. So now I pay 1585/month for > my mortgage 852/month for my sisters and now I have > Mass Health coming after me for my mothers expenses of > 19,000! Again, your mother is dead, so all of her debts should have been settled with her estate. If there was no money left, then she died indigent, and your attorney can write a letter to her creditors telling them that your mother has died and there is no money left in the estate to pay this bill. It should then go away. > I know I can no > longer afford to live here, and I would like to leave > the neighborhood anyways and build > a new house in a couple of years. I need some advice > in what I should do in the short term. At this point, you lost me. There are too many vauge terms. As I understand it, you have two people (you and your sister) and three houses (your house, mother's house, and sister's