Updated over 7 years ago on . Most recent reply
Options on saving my dad from losing his house
Hello BPeeps,
Im having a bit of trouble thinking of a solution here. My father has had his house for about 23 years now. He has refinanced it once about 10 years ago maybe. He owes around 150k for it and his monthly payment is almost 1700-most of which is strictly interest. He has been working on getting it refinanced to lower the monthly bill and has made little improvements here and there. The house is valued just under 200k, but he really doesnt have the right credit to refinance just yet.
My husband and I have about 20k to work with. We have never owned any RE. My fico is 735 and I dont have much debt to speak of. We were thinking of how to help my dad out without losing money. My dad is a very honest man and I trust him completely. I really would like to buy the house and rent it to him for the payment he was looking to get with a refinance. I do believe the bank may own the house.
Do I have any options here?
Thanks for any suggestions.