FlashHiddenSlice
New Member
Looking for any advice to help my mom, please. She bought a mobile home almost 30 years ago, right after my dad passed—my brother took everything, but that's a whole other story.
She still owes over $16k on it. She got completely hosed on the interest rate when she got it, over 8%, but she honestly didn't know any better. Her payments are $350 a month. It's not a huge amount, but she lives on Social Security, so between that and her medications, it's a big chunk. The good news is, that's her only debt. Her health is declining, and I've finally convinced her to come live with me in another state. Now she wants to get out from under this payment.
Here are some ideas I had, and why they apparently won't work:
1. Rent it out to cover the mortgage and insurance—it's on my other brother's property, and he won't allow it.
2. Sell it with the condition that it has to be moved—there are too many trees on the property, so it can't be moved.
3. Stop paying and let it be repossessed—she was told the balance would come out of her estate when she passes, since her retirement is tied up in an account that only has a death benefit. Plus, she doesn't want to do that.
Any ideas would be so appreciated. She's 82 and shouldn't be living so far from doctors and hospitals. She's been with me for the last six months but was determined to go back for a while.
Thanks!
She still owes over $16k on it. She got completely hosed on the interest rate when she got it, over 8%, but she honestly didn't know any better. Her payments are $350 a month. It's not a huge amount, but she lives on Social Security, so between that and her medications, it's a big chunk. The good news is, that's her only debt. Her health is declining, and I've finally convinced her to come live with me in another state. Now she wants to get out from under this payment.
Here are some ideas I had, and why they apparently won't work:
1. Rent it out to cover the mortgage and insurance—it's on my other brother's property, and he won't allow it.
2. Sell it with the condition that it has to be moved—there are too many trees on the property, so it can't be moved.
3. Stop paying and let it be repossessed—she was told the balance would come out of her estate when she passes, since her retirement is tied up in an account that only has a death benefit. Plus, she doesn't want to do that.
Any ideas would be so appreciated. She's 82 and shouldn't be living so far from doctors and hospitals. She's been with me for the last six months but was determined to go back for a while.
Thanks!
