trying to help a friend
We have some friends that are having some problems right now. He lost his job because of out sourcing. Then had several medical problems right away. ( heart attacks) He won't be able to work again and forced into retirement. She lost her job when she had to take off work so much to take care of him. Any way they were on one of those ADJ. rate mortgages and they almost owe more then the house is valued at. Have tried and tried to sell but in our area right now there are house sitting empty every where. Because of all involved there credit score has really took a hit. They don't owe a lot of cc debt or anything like that. But with the house payment so high and what he gets from having to retire there debt ratio is high. They have tried to get there house re mortgaged but have been told over and over they would have to come up with $5000 to get anyone to lower it. They have a 06 Lincoln town car that was left to them( there only car now ) It's valued at 22,000 they could sell this and to get the 5000 but then they would have to buy another car ( older ) but there afraid they would be buying into problems. That's what happened to there other car. It was always in the garage and eating up anything they had to keep it going. Is there places out there that would so a loan and use the car for collateral with the debt ratio. They would then get a decent mortgage rate. I wish i could help them with everything going on, i just can't. She talked to her local banker and he did everything he could to get something to go thru. he was really great to them. He them suggested they find a private lender. Don't know about this. I know they would make the payment and the car is really nice and that's what the banker told her. What is available to people when something like this happens. There such a great couple.