Foreclosure?

Hi Lisa,

Was awful to read of your predicament — they get us everywhere, don’t they?

Have you considered a reverse mortgage? It is kind of the option you’d want to try last but it could work for someone in our circumstances — essentially someone else gains equity in your house and you are guaranteed a home and often a small monthly stipend until you pass. Of course the awful downside is that it leaves you nothing to pass on to your children. But I think for some people in our circumstances, it is something to consider.

Thinking of you,
Irene

Lisa….don’t know whether this helps but, someone I know who’s income was reduced significantly, had been offered a 40 year loan. This in turn allowed him to stay in the house. Just a thought.

Oh my goodness, Janet. Thank-you. At least I keep telling Teddy that I am very wise! Really, all he ideas here were very good. Isn’t this Board the absolute greatest? Now if only none of us had to be here….that would be really great.

I like the idea of renting a room or two in your house. I have a sales rep who rents out a room in her small condo for $350 a month. Sounds like you have a lovely home with an amazing view, someone would enjoy living there. Also, are you insuring any of your children? if so, it is much easier to qualify for medicaid when you apply for your child. If accepted, the parents have to be covered.
What a bummer and you certainly don’t need this issue now. Thoughts and prayers are with you.
Barbara

Hi Lisa;
I will add my 2 cents for what it’s worth. First I would talk to the mortgage people and see if they can work with you, even if only 6 months, thats 6 months you can stay in your house and see your horses and pets and the views. At the same time I would see about renting out 1 or more bedrooms. Depending on how much you could get for rent and how much you’d need for the mortgage could determine how many bedrooms you’d need to rent. You could use that when you talk to the mortgage co to explain how you would be able to afford it later. Also, what about talking to people at your church maybe there is someone there that could move in and help or they might know of someone. Could you have another horse on your property? Then you could have someone that wants to have their horse where they live, maybe get more for rent because its also board, plus you have someone around that could help with horse chores if you need it. What about calling the Cancer society and see if they know of anything? These are just some ideas off the top of my head. I know that for me having my pets around, especially my horses is a real positive in my life. Keep me posted and if there is anything else I can do please just ask. God Bless,
Jamie

Lisa,
How does medicaid work?? Could that cover your medical? I’m not sure how they look at your assets. One would think you could own a house, but I am not certain. When we found out medicare doesn’t cover CC treatments for transplant ( which could be hundreds of thousands??) Mayo suggested we contact our state medical program or medicaid. Just wondering if that would at least eleviate your medical expenses for cobra and free up more money for your mortgage?
I also agree with Kris to talk to your mtge company since impending foreclosure is an epidemic in the US and they should be able to work with you. Your house has 5 bedrooms – do you know anyone who could move in to pay part of the mtge?
Hang in there.
Ashley