Our wonderful Hoppy has asked for advice, etc on taking over real estate. I think that this is an urgent topic, as Ns often practice financial abuse as well as their emotional and physical abuse- we all seem to get a taste of this at one time or another. Divorce, separation, death, lawsuits between siblings, can become N playgrounds of financial destruction, unless the situations can be turned around.
As far as the house that you are living in, Hoppy, the good news is that the valuation has suffered tremendously because of the mortgage crisis ( unless you are located in an area and market range that remains untouched- quite doubtful as there are few of these) so the amount that you would have to pay anyone else (Doug) with proportionate claims on the equity will have been greatly reduced as well. If the house is sound and in a good area, it is only a matter of time until the equity increases again to previous or even higher levels. You could approach the current lender ( if there is one) and ask them to substitute you on the loan. You could get some help from a mortgage broker in your religious community. You could rent a room, your garage space for storage, get a part time job, etc. for immediate income for expenses and to help qualify for the loan- this need not be forever. Perhaps your daughter could co-sign for the house? With the tax deduction you can claim on the mortgage interest and proparty tax amount taken into consideration, it could very well end up costing the same or less than renting, you would live comfortably, and have an investment as well...
You might also contact your local housing department and ask if they have any programs for "first time homebuyers"- this would depend upon Block Grant funds, etc received by your community. There are often programs which assist homebuyers withdown payments, repairsetc- these need not be repaid until the property is sold or refinanced. Also, I believe that recent tax law changes give a rebate of several thousand dollars to first time homebuyers within a certain period of time. Perhaps you have a friend or fellow churchgoer who is an accountant, etc and can help you get proper information, while providing support? Do you have a relationship with a bank or credit union?
Get some ( hopefully free) 2nd opinions from real estate and estate attorneys- you may be pleasantly surprised at the options when your case is studied from a different perspective. Perhaps you can get the valuation further reduced????
Keep Strong and Keep Your Eyes On The Prize!!!! You can do this...
Love,
C.
