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. 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.

Return from Request Refinancing Advice For Financial Trouble to Get Your Best Mortgage Rate


The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com

Comments for
Request Refinancing Advice For Financial Trouble

Click here to add your own comments

Let's Think Outside The Box
by: Kate Ford

It's time for American homeowners to think outside the box and take action.

Short of getting involved politically, you might not be able to stop bailouts or foreign purchases of homes as you referred to in your letter. Don't let that stop you from protecting your home, a huge investment.

You mentioned that you have a good amount of equity in your home but it is in need of repairs. Please check out FHA Rehab Loans designed to help homeowners refinance for needed repairs to homes.

As I have said, it is your mortgage. No one will care more about it than you.

Good luck and please contact me with other questions or comments. Ask Kate.

Best Wishes,

Ask Kate
Kate Ford




P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com

Click here to add your own comments

Join in and write your own page! It's easy to do. How?
Simply click here to return to Best Mortgage Advice Social Networking Hotline

Do-It-Yourself Loan Modification

$1000 or $39.99 - Which is right for YOU?

Not sure? Answer these 5 questions to find out.

The Freedom You Want Is Waiting For You

Come join us. Let's do this together.

There is a successful entrepreneur in all of us. Unlock Yours here.

Subscribe to Kate's
FOCUS ON FINANCE

Free News!
Free Stories!
Free Reviews!

Email

First Name

Then

I keep your email private.

How I Make Money

I finally came to grips with closing my mortgage company.

But I still wanted and needed to make money!

This is my story.

UNIQUE Mortgage Tips and Solutions From Kate

Discover Kate's Best Mortgage Blog today. Keep up to date on what's new about mortgages and additional tips to unlocking the secret code of mortgage lending.

Where to find your best best mortgage advice or not!

What to do if your mortgage loan approval begins to hiccup.

How much can you afford in a mortgage payment and why your lender doesn't know.

Eliminate guess work and last minute surprises from buying a home with mortgage pre approval.

Discover how to compare mortgage closing costs to get the best rates for the least cost.

Why you should always compare mortgage interest rates - Because the lowest rate may not be your best deal.

How to know when to lock mortgage rates - You deserve reliability and peace of mind, don't you?

This expert online mortgage advice is guaranteed to make you a savvy mortgage shopper.

Nitty gritty mortgage interest rate lock agreements and why you also need a good faith estimate.

Ask Kate For Solutions - Ask a question to get an answer from Kate.