Financial Advise Is Appreciated……?
Tags:debts, necessities, poor credit rating, second mortgage, social security,
3
I mislaid my pursuit Oct 2005, we am 69 as well as practice is tough to find, we embrace Social Security though after the residence payment, utilities as well as necessities there is zero left for all the alternative bills,I was means to keep up for about 6 months regulating what assets we had. we have attempted to refinance or get the second mortgage,but incited down any time since we right away have the bad credit rating as well as my income is about 0.00 reduction than what is indispensable to compensate all my bills any month.There is sufficient equity in my residence to compensate off all my debts as well as still have income left over.I have deliberate failure though usually if no alternative options have been available.
Any comments or suggest would be appriciated.
4000 DUNN
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Not sure is this is or isn’t a setup as the second responder states, but assuming that you are posting facts – first I’ll tell you that I hate that you are experiencing this monthly situation.
While a reverse mortgage may be what you need, there are of course other options. If you were to refinance your home, would the payment be such a lesser amount that your financial worries might be over? If that is the case, I’d check with other lenders.
Do you have family that might help you out? Either with money or perhaps co-signing a loan to consolidate?
Bankruptcy. Not necessiarily a horrible thing. That law is in place due to situations such as yours. While none of us willingly choose to not pay our bills (well, most of us anyway) – there sometimes are situations that merit the need.
Consider talking with a banker (if you have a personal relationship and feel comfortable with them), or talk with an attorney (usually the first consultation is free) – and first of all check with legal aid in your area – they are generally free or cost adjusted to what you could pay.
It does sound as though you need relief. Go get it. And hold your head up high – you are the first person to experience this. Good luck.
One possibiltiy is a reverse mortgage. A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.
Oh, come on! Who are you kidding? This is just a setup question for the first answerer who put that reverse mortgage answer out there. The worst spam is that which assumes its target audience is stupid.