Need Real Estate Advice

[acc23]

What is the name of your state (only U.S. law)? Nevada

My grandma is having some problems. She bought a house about a year ago for 230k. Now it is worth 175k. She has an ARM that is going adjustable in 3 years. She put a lot of money down when buying the house and now she owes 115k. She wants to get out of the ARM but she can not refinance because they have cut off her disability and now she has no income. What can she do?

 

[seniorjudge]

Now it is worth 175k. She has an ARM that is going adjustable in 3 years. She put a lot of money down when buying the house and now she owes 115k.

Are you saying she has equity in it?

Has she looked into getting a reverse mortgage (if she is over 62 years of age)?

 

[acc23]

She is anti neg-am loans

Yes she has equity from the money she put down.

She thinks they are a scam like the one that got her into this ARM predicament.

 

[SIN EATER]

She may not qualify to refi on her own, but what about one of her family members cosigning for a refi ?

 

[LindaP777]

Have her sell the house and get out from underneath it. Perhaps she can buy a more affordable home, or condo.
If she is no longer disabled, she can also get a job.
I personally, don't see the problem.

 

[acc23]

If she sells it...

Have her sell the house and get out from underneath it. Perhaps she can buy a more affordable home, or condo.
If she is no longer disabled, she can also get a job.
I personally, don\'t see the problem.

If she sells it she will have no place to live. She will not be able to get approved for another home, Plus she put down 130k. She will loose so much of her savings.

 

[acc23]

I am unable to cosign

She may not qualify to refi on her own, but what about one of her family members cosigning for a refi ?

I am unable to cosign and she has no other family.