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Old 08-03-2008, 01:56 PM
 
Location: US
3,074 posts, read 3,336,948 times
Reputation: 1621

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My 82 yo father and his second wife, who has advanced Alzheimer's, took out a mortgage on their paid off home and built an addition onto their granddaughter's home two years ago. They moved in and have rented the house to my dad's wife's son. The granddaughter is married and has three young children. The granddaughter has just confided in me that they refinanced their house in 2006 "to the max," and they would hate to lose their home after my dad built on the addition and spent all his money.

I live two hours away, and my brother lives in Texas. I did some research and have found that my dad's granddaughter and her husband did in fact enter into a mortgage for nearly triple their first mortgage back in 1996 when they bought the house and it is an ARM set to reset on 10/1/09. They are barely making it now. Her hubby has his own business which is not doing well, she got a job last year and grosses $2K a month.

With the clamp down in mortgages, are there mortgage companies out there that will refinance them into a non-ARM mortgage even if the house is technically worth about $30,000 less than the mortgage? I don't know if they're behind on their payments--I don't think so, but a year and 2 months from now, we can't imagine they'll be able to make it.

Thanks in advance.
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Old 08-03-2008, 08:20 PM
 
Location: No Sleep Til Brooklyn
1,413 posts, read 4,674,469 times
Reputation: 591
There are some wonderful and helpful mortgage professionals who regularly answer questions on the mortgage section of creditboards.com.
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Old 08-03-2008, 09:48 PM
 
Location: US
3,074 posts, read 3,336,948 times
Reputation: 1621
Thanks very much for the information. My brother and I are putting our heads together to try to help them out of this mess, and we appreciate another reference point to check. We're trying to figure out what they were thinking!!!
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