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Dear Debt Adviser,
This is in reference to refinancing a home. Basically, a $215,000 home in 2006 is now valued at $85,000. Refinancing allows for only 80 percent of the $85,000 current value, or $68,000. The adjustable rate on the loan has escalated to an 8.625 percent interest-only payment after five years and is scheduled to be reviewed every six months, with a maximum interest rate 14.625 percent. The current mortgage balance is $170,000. In order to refinance, I would have to pony up $87,000 to obtain a mortgage for $68,000 ? for a house that?s valued at just $85,000. I?m 60 years old and my remaining earning potential is only two to three years. I have a small military retirement, some savings and hopefully Social Security to retire on. Any recommendations?
? Bob
This article was published earlier this year regarding how doing a short sale may help save your retirement account over a foreclosure of your home. It?s good to keep yourself informed of recent changes in the law regarding distressed mortgages. If your home has an underwater mortgage you should speak with an attorney, a real estate agent, and a CPA in order to understand your options for avoiding foreclosure.
Danville Real Estate ? Danville Homes For Sale
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