Request Refinancing Advice For Financial Trouble

by Homeowner Needing Options
(USA)

Ask Kate: Request Refinancing Advice For Financial Trouble Like a lot of American Families ours is in financial trouble. Savings are nill. My wife has several credit card debts with outstanding judgments.

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Every little non-essential asset has long ago been sold for cash. One little hit could push us over the edge financially.

There are plenty of hits looming. Deferred maintenance on the house with an old roof and septic system head the list. We both have potential health issues. Our unwed and son and his girlfriend are expecting a baby we may need to help care for. Energy costs, headlined by winter heating are set to rise.

The good news is I am the sole owner of the home and would qualify for a new mortgage. My credit history is clean. The home retains good value because of a premium location so the loan to value would be no problem even with conservative lending standards.

Even with the possibility that a lower rate and some cash out would help our situation, I am reluctant to get a new mortgage. The deferred maintenance would not show well to an appraiser. It's kind of a catch 22.

In our current financial condition we can't fix-up the house, but I don't expect it to pass inspection by an appraiser to get lower payments and take money out until the major items have been taken care of.

The news of a possible government bailout is heartbreaking. The taxpayers will bailout the big financial institutions. The current plan to take on the bad corporate assets will even help foreign investors. The people going into default will benefit from foreclosure moratoriums. All these taxpayer dollars and none of it helps us.

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