I hope I can clarify this properly. My husband wasn’t working for greater than 6mos, and we have been granted mortgage forbearance. Now he is been working for a month and has an excellent 2yr contract, and I am lastly incomes sufficient to contribute greater than $1000 right here and there. Our aim is to remain on this dwelling and never change into renters.
We have began working with an outfit referred to as American Monetary Options and contacting our lender has kicked off the foreclosures sequence.
We now have a alternative: we will restructure our mortgage, which at the moment enjoys a hard and fast APR of about 2.75% (cannot recall precisely nevertheless it’s underneath 3%) however that will be modified ought to we restructure, OR, we will borrow the cash to cowl the arrears (with legal professional’s charges, and so on, simply over $25K) from my son and preserve the mortgage we at the moment have.
Sounds straightforward, proper? I do know which approach I am leaning however here is the place it will get tough for me: methods to repay my son correctly.
My considering is that we will both repay him over time, as one other lien holder, or we can assist him get his foot into the housing door and make him a component proprietor of this dwelling, or…?
I am open to different concepts that are not get out of the home and be renters in a a HCOL space, and that is a part of the explanation why I am posting this right here.