Posted by dewCO on December 03, 2000 at 19:49:27:
Better get the details on the city loan too. You may not need to pay them off… Read the paper work with each FIRST.
Posted by dewCO on December 03, 2000 at 19:49:27:
Better get the details on the city loan too. You may not need to pay them off… Read the paper work with each FIRST.
wife will inherit house - Posted by Len-Oh
Posted by Len-Oh on December 03, 2000 at 14:50:17:
My wife’s sister just passed and my wife will get the old homestead which has been made into a duplex. The upper gets $400 a month and I’m sure the lower could get $600 a month easily. The problem- home equity loan of about $23k (going to lawyer next week for details) and the city has a recently gotten rental rehab loan for $25k, which they want back now.
House appraised for $100k within the past year(city rehab).
How do we get the $ to pay these off and keep the home? All I can think of right now is a 65% ltv, then in a couple years, when my financial position is better, go for a regular loan.
What am I missing or what else could/should I do?
Thanx, Len
Re: wife will inherit house - Posted by Len-Oh
Posted by Len-Oh on December 04, 2000 at 19:42:03:
Thanks for the comments and help. We will be looking at the contracts the end of the week.
Garn St. Germain - Posted by Bud Branstetter
Posted by Bud Branstetter on December 03, 2000 at 22:03:36:
http://law2.house.gov/uscode-cgi/fastweb.exe?getdoc+uscview+t09t12+4623+0++%
US Code 12-13-1701j-3
“(5) a transfer to a relative resulting from the death of a borrower;”
They may not have the right to require immediate repayment if payments are kept up.
Re: wife will inherit house - Posted by emschool
Posted by emschool on December 03, 2000 at 20:30:58:
Take a close look at that rehab loan. I’m in Ohio and the one’s I’ve seen are canceled upon the death of the borrower.