What to do with unsecured debt after death?
on Mar 12 in refinance real estate tagged After, death, debt, unsecured bySorry if it annoys anyone, but I am cross-posting this question.
My father passed away and left no estate. There was $2000 in his checking account, and he had $4000-$5000 in equity in his car, with a loan balance of $8200 on the car. There were no other assets. The funeral expenses were about $15,000, and he had about $12,000 in credit card debt when he passed. The estate was obviously insolvent.
Will the refinancing boom doom the banks when interest rates go up?
on Mar 10 in refinance real estate tagged banks, boom, doom, interest, Rates, Refinancing byBanks have been loaning money at 4.75%. They can afford this only because they borrow from The Fed at almost nothing. But their money is tied up for 30 years on these mortgages. Some time during that 30 years interest rates will have to go up significantly. Greatly reducing the “asset value” of those loans. When interest rates go to 7%, loaning for 30 years at 4.75% will look like a really dumb thing to have done.
foreclosure advice….I have to walk away ….HELP?
on Mar 08 in refinance real estate tagged advice....I, away, foreclosure, Help, walk byI purchased a mobile home 8 yrs ago ()in a park with no land as viable asset) and I do own another home. I have exhausted all avenues for getting it sold, refinanced, (Note holder is Vanderbilt and they REFUSE to help), renting, short sale, etc. I am at the point of walking away cash for keys sort of thing. This one is a rental and I can’t even rent it to pay the note on it. The economy is extremely tight here for real estate rental market. I know I am going to take a hit on my credit but since I pay cash for most everything I buy I am not too worried. Do I need a lawyer to “walk away” or can I send the keys in with a disclaimer note and tell them I am done? I bought it from them out of a foreclosure and found out they did the same thing to previous two owners.
Should I make a bulk payment on my mortgage?
on Mar 06 in refinance real estate tagged bulk, Mortgage, Payment, should bySo here is the financial delima. I am upside down in this house. I bought for 140k Due to mature 7/2037 with 7% interest. It’s is worthy 80k. And won’t even sell listed at 80k. Mortgage, taxes, pmi(70 monthly) and associations bring my monthly cost to 1600. This is not my primary residence. I have it rented for 800 a month. That’s the max I can actually get for it. Now for the fun number crunch.
