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Need help to keep my parents from losing their home.?
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.
2 Answers
- Bridget WLv 41 decade agoFavorite Answer
Is there ANY way you and your husband can loan them enough money to pay off the loan--and then let them pay you back slowly with no interest? I know it might be hard for them to accept that, and hard for you to scrap up the money, but if it's possible do it. It will save them a lot of stress. Or is there anything your parents own that they could sell? An extra car that they don't drive too much because of retirement? Or a dresser set? Small amounts of money can help when added up!
- 1 decade ago
If it is not going to be their forever home, what is the option to put the house on the market and sell it before the interest rises? What if they move in with you guys to cut down on their expenses and sell their home and buy one with a fixed interest rate?
If they can't sell why would they not be able to refinance it? This is a great time to secure a low interest rate loan.
Another option might be to put some money their way if you can to help them stay on their feet- if you have the mortgage info maybe you could send some money in every month if it is in your budget.
I hope everything works out for them and you guys, too!
