Is it possible for my parents to refinance to get a lower payment in todays market?
Jessica B asked:
My parents took out a home equity loan on their home 7 months ago and didn’t quite understand what they were doing. They are on a fixed income and now have a payment they can not afford. Their home was appraised at 108,000 and they took out 35,000. They owned their home with no payments before this. They have fallen behind on payments and need to refinance the loan. but with todays market I’m afraid that won’t be possible. any ideas?
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My parents took out a home equity loan on their home 7 months ago and didn’t quite understand what they were doing. They are on a fixed income and now have a payment they can not afford. Their home was appraised at 108,000 and they took out 35,000. They owned their home with no payments before this. They have fallen behind on payments and need to refinance the loan. but with todays market I’m afraid that won’t be possible. any ideas?
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Tags: 7 Months, Parents, Refinance Loan
February 16th, 2009 at 6:21 pm
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First, how could they not know what they were doing? Second, what are the terms of the HELOC and why will refinancing again help?
February 17th, 2009 at 6:21 pm
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They should have NO PROBLEM if their fica score is good (over 700) and the credit cards are under control. Give them a hand if you can, but they should be able to refi under better terms.
February 19th, 2009 at 5:28 pm
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Piece of cake, 35% LOAN TO VALUE IS EASY.
Go to a reliable mortage broker or their bank and get them a fixed rate loan. 6% should be simple. If you need help email me at yahoo.com. I can get you in touch directly with FHA if need be, also the ywill qualify for a reverse mortagge as well. No issues here