How Would You Solve This?
Hello BP Fam! So a friend reached out about this problem and Im stuck so seeking help from you all:
His mom (in her 80's) currently owes $275K on her primary house. Its an adjustable mortgage so the payment keeps going up annually. The property recently appraised for $685K. They want to refinance to a better loan but his mom isn't employed. He would partner with her but his credit is in the 500's.
How would you guys solve this? Private lending?