I have a similar situation with my Uncle: I obtained a Power of Atty; which gives me full control of the property… I am looking deeding the property into a “Life Estate” and modifying the mortgage to get the payment as low as possible (I am keeping the property). With your situation, you have equity to maybe refinance and do the repairs with the POA. There are other creative ways; this is just my approach. I wish your mom a speedy recovery.
DJ-nyc
Posted by John Smith on August 20, 2009 at 12:01:26:
My question is I am trying to do creative financing with a single family house with a assumable mortgage of $20,000 with some equity in the house . The house need a few repairs with could cost anywhere from $3,000 to $5,000 to flip the property or rent it out. The Value of the home could sell from $55,000 to $65,000 depends on how much fix up I want to do. The house belongs to my mother who is very sick and can,t pay the mortgage. I am just looking for some options to obtain the property. Thanks you .
Posted by James Harris on August 23, 2009 at 07:03:25:
First and foremost, we pray for a speedy recovery for your mother. John, your mother may qualify for a reverse mortgage. When she gets better, you may want to speak to her about it. A reverse mortgage would pay her monthly for as long as she remains in the house. I suggest that you research it yourself.