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Can I be home refinanced, Serious answers only?
Im in a bit of an unusual situation, I need advice, plz be honest here goes. My gradmother had a reverse mortgage on her home. She passed away two years ago. I inherited the home whne she passed away. The thing with reverse mortgages is that when the homeowner passes away the entire amount is due immediately. I dont have six figures laying around so my options were few. I could refinance, or pretty much walk away. Well refinancing at the time wasnt a good option because of foreclosures in my area which made my property value drop, and my credit wasnt the best. So I had an idea. What if I filed a bankruptcy. I know what youre thinking how can I file a bankruptcy for something that really isnt my debt. It was a hard battle but I found an attorney who fought for me. Two months ago my attorney was able to do this for me. We were able to get the judge to see what I thought long ago. If I inherited the property, I can inherit the debt of the house and pay it off thru bankruptcy. The bank wasnt too happy but I was able to save my grandmothers home. Which brings me to here I have to have the full balance of teh house paid off in my bankruptcy which is 5 years. Do the math Im paying about 4000.00 right now monthly to my trustee. Its killing me financially. Is there a way I can get refinanced while in an active bankruptcy.Keep in mind the only reason I filed was to get the house out of immediate foreclosure giving myself time to come up with other options to pay this place off. I have no real debt of my own so there is no reason other than saving this house that I filed. If I could find a bak I would certainly have teh case dismissed. Do you all think I have shot or will I be paying 4 grand a month for 5 years
1 Antwort
- MRALv 4vor 8 Jahren
Well that seems like an extreme measure to save the house. I only do reverse mortgages, so I can't answer you if there are a lenders out there that would refinance you while you are in the midst of a bankruptcy. Perhaps a hard money lender; but they usually are short term, at higher rates, which is more or less what you already have with the BK court. Not to mention, if your credit wasn't the best before, your credit score is now officially down the tubes because you did a bankruptcy. Although perhaps it did not make a difference.
But I did want to correct one thing you said:
"The thing with reverse mortgages is that when the homeowner passes away the entire amount is due immediately"
That is incorrect. That applies to regular standard loans. In a reverse mortgage, at a minimum you have 6 months to either sell it or refinance it into your own name. Some lenders may even give you an extra 6 months (for a total of one year), if you are showing a good faith effort.
Hope it works out for you.
Quelle(n): I specialize in reverse mortgages (CA)
