I need advice to help my parents.?

Question

My parents bought a home in 2004.  We were living there with them and helping them but they knew when they bought it that we wouldnt be there forever and now we are in the process of moving and they wont have us to help pay for the home.  They got an interest only loan with a 5 yr arm that will be adjusting in September 2009.  (only 7 months left)  They are barely able to make the payments now and when it adjusts, they are not going to be able to.  They are current on their mortgage.  They were looking at trying a loan modification but everything we are reading seems to say you have to be behind on your mortgage before you can get help.  Is there any thing out there other than refinance, that you guys can tell me about so I can pass it along to them that can help them before they get behind.

And please no comments about us leaving them.  My husband and I have lived with them for 5 years trying to help them but we have got to go if we want to keep our sanity and our marriage.

Anonymous · Accepted Answer

They simply need to sell the house and buy one they can afford.

It was crazy to buy this in the first place.

Mr. President · Answer

The best thing would have to be is sit down with a mortgage rep.  I would suggest trying to refinance, but you already know that.  One other thing you could do, unfortunately is sell.  With 7 months left, that could be enough time to get your house on the market and sell it.  i don't know your area, but Even though the market is down, prices might be higher than 2004.  Selling might be the best thing for them.  They might need a smaller houses anyway with you and your husband leaving.  So people to talk to are; a mortgage rep first, maybe they can figure out something your parents can afford.  And if that doesn't work, then a realtor.  Good luck

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I need advice to help my parents.?

2 Answers