orignas

I don't understand what you mean by sub prime lending. Turns out the loan is for $59k not the $35k debt. The extra includes some CC debit , a truck and some 'other' stuff. Then I said I don't feel that I have any obligation to bail you out of financial debts any more than a co-worker. What makes you think I'd help you out? But anyway, I did forward some other contacts for better loan deals. But she's still under this ' I must sign' on Tuesday thought - otherwise everything goes down the toliet. The title company screwed up the title search and yet did not give her more days to resolve this. I don't know how many ways I can say 'you're getting screwed by the loan maker' before she believes me.

Well, here's some more background on this. I haven't been contacted back from any RE atty yet, so this comes from the 2nd wife and her lawyer. I'll tell ya straight out that this is very convoluted. In a nutshell, she and my father mis-managed their money and now there is this rather strange looking re-financing to help her get out of debt. They bought the home as tenets in common 27 years ago. At that time they were not married. Several years later they married and 'thought' the property was converted to joint tenets (that's the story today anyway). The original purchase price was $75K. The original mortgage was paid off about 5 years ago. In the meantime, they took out three loans on the home equity that total about $35,500. This new refinancing is to consolidate those 3 loans. The interest rate is a whopping 12.9%. She says it's because her credit rating is very low. She didn't know very many details of the loan, you know like term length, ARM vs fixed or balloon payments. She did know that there are penalties for early payoff. Then she said the rate was fixed for two years and then it could change. That sounded like an ARM to me. I asked about balloon payments. She didn't know. Monthly payments would be $620 w/o taxes. Taxes run about $2900 per year. She earns about $35,000 per year. The loan is through a bank, not a mortgage company. She said she shopped around. She paid off her car, so no monthly car payments. The appraisal of the home today is $171,500. She is 55 yo, not the age I mentioned before. She has no retirement accounts and says she'll be depending on SS for retirement. She claims my portion is worth (171,500-35,500)/16 = $8500.00 That seems strange to me. Debt passes to the spouse, not the kids, right? Shouldn't my part be worth 171,500/16 = $10,719? She's asking me to toss her 8 to 10K because she screwed up her financial life. I feel she and my father screwed up, I should not have to bail them out. Plus she's getting screwed by this loan anyway. There should be a better loan available. She came across as an airhead, not knowing details of the loan and other details about how these debts came into being. I'd rather just help her find a better loan that could also buy me out.

Thank you for your replies, especially tigra. I kind of know I should talk to professional paid help, but this was Sunday when those folks are not available. I don't want to put this elderly woman (who I have never met) out on the street. I also don't see why she doesn't just sell and move into a place she can afford. The generation she comes from has that ideal that women 'marry a man to take care of them'. Anyway, if the home is $100K then I'm looking at throwing away $6250, or at $200K throwing away $12,500 for a buck. Does that make any sense to anyone for someone you have never met? I'm just looking for a way to accomadate her wishes 'to have lower expenses' and still cash in on my inheritance, now or later. I don't need the money now, I can wait.

I have a real estate question that I need help on rather quickly. Friday I learned that I was 1/16th owner of a property my father owned. He died several years ago. His wife or gf has been living in the home since he died. She wants to refinance the home. I was told she can't do that unless I sign a Quit Claim Deed, relinquishing my ownership for $1. I have no idea what the property is worth or how much equity is in it. They were living there for something like 15 years. What are my options and the tax implications? Would it be better to sell my interest for $1 and take a loss write-off? Could I maintain 1/16th ownership and cash that out when the wife dies? (She's late 60s or early 70s) Would I be asked to pay 1/16th of mortgage, taxes and insurance for the past several years? (Even tho I did not know I owned part of this property til last Friday?) Could the refinancing be used to buy me out? A slight complication is that one sibling is no where to be found for the past 25 years or so. No one knows if he's dead or alive. So he won't be signing a Quit Claim Deed. What happens to his partial ownership?

sorry dude, but you are mistaken. Skydive Philadelphia is a real DZ. Even the USPA has it listed. This http://www.skydiveorange.com/caution.htm tells you how to tell the difference.

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