Asked by Launie Fuller, Brooklyn Park, MN • Thu Dec 11, 2008
My partner passed last November and left me the house with a newly refinanced mortgage $213,000 at 7% in justhis name. I can not qualify for this loan but could make the payments of $1600 with a renter and stay living here. I have to live somewhere but home needs Kitchen, Bath siding and windows, exterior landscape work to the tune of about $50,000 in order to sell for something over 213k. Should I wait til they foreclose and I have to leave, take the money I would save and put it into something else less costly, hope for recovery and continue to make the payments? I have about 20k in a Roth IRA I could buy something smaller that may appreciate?? or invest it in ?? Are his credit cards a debt against the home I inherited? I would like to stay here. I would like to have someone renegotiate the loan at fair market value so taxes would be in line and I could have a little bit of equity to do the necessary repairs.
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