Has he moved out of the main house already?
From what I read if he tried to make the payments on his primary home he needs to call about a re-mortgage now.
If he had the flipper under LLC he should be okay credit wise but can’t get it refinanced under Obama’s terms. He should rent it out for now and save his primary house.
I just saw your response!
So sorry to be so long in reply..
He made the payments on the primary as long as he could...
He could refi though, even under the bailout terms because his income is in building..and as such, he has no income unless the remodel sells..(which, it ain’t gonna..at least at a price sufficient to pay the loan)..
Thus, he’s now filed for early SS (which won’t begin to cover the house payment on either house)...
The primary house is gone (and I mean turn off the lights..gone)
They’re temporarily living in the remodel and trying to find “someone” who can buy the house on a short sale and then possibly agree to rent it back to them.
He’s working his behind off to try to get into some kind of job having to do with this housing crisis.
For example, the banks need people to be able to assess (for repair not real estate assessment) these zillions of houses they are foreclosing on...and he is just the right guy for that..
His background is in building/remodeling/lumber company stuff...so, he doesn’t have large market to apply in currently.
He’ll get something eventually, but, it’s awful to see your dad struggle with something like this.
Their primary house was their nest-egg..
They planned to sell it in a few years..take the profits and buy something outright (like a condo)...and live on their SS..
(Which isn’t much..but, is enough if you have no rent/house payment)..
So..that’s the scoop.
I want to thank you for taking the time to reply..
!!!
FReepers are great!