Help save my dad's house

G

gfoley

New Member
Hi everyone!
I joined this forum looking for ideas and possible solutions for my situation. I'm on the brink of losing my dad's house. When his health really started to decline last April, I took over paying his bills on top of me obviously paying my own bills. This has wiped us out financially. I'm going to end up selling this property, but the realtor says it could take months. I don't have the resources anymore to keep the house afloat for months. It would be awful for the loss because time ran out. There's a need of about $20,000 to keep the house long enough to sell. So if anyone here has any ideas or suggestions, please let me know. My thanks in advance.
 

gfoley said:
Hi everyone!
I joined this forum looking for ideas and possible solutions for my situation. I'm on the brink of losing my dad's house. When his health really started to decline last April, I took over paying his bills on top of me obviously paying my own bills. This has wiped us out financially. I'm going to end up selling this property, but the realtor says it could take months. I don't have the resources anymore to keep the house afloat for months. It would be awful for the loss because time ran out. There's a need of about $20,000 to keep the house long enough to sell. So if anyone here has any ideas or suggestions, please let me know. My thanks in advance.
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Borrow against the equity in the house, based on it's ACTUAL market value. Research the local area real estate market, for the "time to get a house sold " based on other similar homes selling dates. Does this property have an existing mortgage, or is it debt free ? That part is very important to know for others here to be able to offer practical advice to you.

Could you possibly RENT the house to some one for a year ? Where are you located, as in what State, and is the house in a city, or a town or is it rural with some land ? All of that information is important, to know, if we are going to be able to help you with this problem. JIMB In Toronto.
 

Houses often take longer than you think to sell...especially if they aren't pristine or priced low enough, or the springtime, or location, etc.
Maybe start a Go-Fund Me page?...I've never done that so I don't know if that would be good for you or not.
 
My first thought was to rent it out. Maybe at a good price to someone with skills to help get it in shape. Depends on the market in your area. Many here are desperate for housing.
 
With my first divorce, the realtor made a loan document with the ex-wife. The realtor made the house payments until it sold and got her money back off the top.
 
Lawrence00 said:
With my first divorce, the realtor made a loan document with the ex-wife. The realtor made the house payments until it sold and got her money back off the top.
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Thats a good deal. The realtor has an incentive to be keep busy trying to sell the house, knowing that her expenses are going to be covered when the place sells. Good for both sides of the situation. Are you reading this gofoley??
 
Lara said:
Houses often take longer than you think to sell...especially if they aren't pristine or priced low enough, or the springtime, or location, etc.
Maybe start a Go-Fund Me page?...I've never done that so I don't know if that would be good for you or not.
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Usually the Go Fund Me organization restricts funding to those who have suffered a death or serious injury, to a family member. I don't think this situation would qualify for such a thing? I could be wrong. JIMB.
 
jimintoronto said:
Thats a good deal. The realtor has an incentive to be keep busy trying to sell the house, knowing that her expenses are going to be covered when the place sells. Good for both sides of the situation. Are you reading this gofoley??
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Yes. Certainly worth exploring šŸ˜Š
 
gfoley said:
Hi everyone!
I joined this forum looking for ideas and possible solutions for my situation. I'm on the brink of losing my dad's house. When his health really started to decline last April, I took over paying his bills on top of me obviously paying my own bills. This has wiped us out financially. I'm going to end up selling this property, but the realtor says it could take months. I don't have the resources anymore to keep the house afloat for months. It would be awful for the loss because time ran out. There's a need of about $20,000 to keep the house long enough to sell. So if anyone here has any ideas or suggestions, please let me know. My thanks in advance.
Click to expand...
My sister and husband were running low in cash and heard about Reverse Morgage. I don't know if they do the same in the USA . They were interviewed by the lenders and were approved and had the money in their account within a month. It's worth investigating.
 
oscash said:
My sister and husband were running low in cash and heard about Reverse Morgage. I don't know if they do the same in the USA . They were interviewed by the lenders and were approved and had the money in their account within a month. It's worth investigating.
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Thatā€™s actually good idea if the house is paid for. We have nobody to leave our house to so might do the same at some point in time.
 
PeppermintPatty said:
Thatā€™s actually good idea if the house is paid for. We have nobody to leave our house to so might do the same at some point in time.
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It's a good idea if the house isn't paid for. The bank will pay you the equity either in a lump sum or monthly payments. Then the house belongs to the bank upon your death, your inability to continue living in it, or if you move. And I'm not sure, but I think they pay you current market value, so if you've paid in 60% of the original home loan, you get 60% of the home's current value.
 
Brief comment - posters asking for help via suggestions,advice about money issues - give suggestions and advice, no concerns about that.
Actual money - do not give under any circumstances.
scammers sometimes take it to PM's knowing mods and/ or more savvy other posters cannot see it or intervene.
Something to be wary of

OP am not saying this is you and I'm sure you are just putting your situation there for suggestions and advice and are not asking for money.

But a timely reminder nevertheless.

I am not in US so I don't have any advice,not sure how your system works there.
 
jimintoronto said:
Borrow against the equity in the house, based on it's ACTUAL market value. Research the local area real estate market, for the "time to get a house sold " based on other similar homes selling dates. Does this property have an existing mortgage, or is it debt free ? That part is very important to know for others here to be able to offer practical advice to you.

Could you possibly RENT the house to some one for a year ? Where are you located, as in what State, and is the house in a city, or a town or is it rural with some land ? All of that information is important, to know, if we are going to be able to help you with this problem. JIMB In Toronto.
Click to expand...
House is in Port Saint Lucie, FL
There's money owed on it. Thanks for your help šŸ˜Š
 

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