Archive for the ‘mortgages’ tag
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Serious problems – financial or moral advice please?
Ok this is a bit of a long one, but I really need help with this one. Ok, here goes:
My mum is a property developer and my dad is a builder but has quite severe mental problems which means that he can’t leave the house and doesn’t trust a lot of people and therefore does not have a job. A few years back they bought their dream house which is in the middle of nowhere, no neighbours (which my dad loves). It was a shell when they bought it and my dad has been working at building an extension adding floors, new roof, windows doors, generally making it in to an amazing house that he plans to spend the rest of his life in.
He dreams of doing odd building projects for his mate who is a businessman, living off the land and staying in that house forever. My mum wants to get rich which is why she got in to the property developing business. She has four properties all with a mortgage, one being the dream house my dad lives in, two she is renting out and the rent just covers the mortgage rates, and the fourth she lives in herself since splitting with my dad.
Last year she was rushed to hospital with heart failure, now this wasn’t a clot that could be removed, this was something rare where her heart shrunk and would not pump. She was transferred to harefield hospital which is the specialist heart hospital. It was a miracle that she survived and now will be classed as disabled for the rest of her life.
Whilst in hospital in a critical condition she was still trying to sort out the finances for the house but she couldn’t keep it up and now she is in arrears on everything. They have increased all mortgages so she can’t afford to pay them, she now has loans and credit cards which she also cant pay. All houses have decreased in value. One is £10,000 negative equity. One would just break even. The one she lives in would make £20,000 if sold but she would then have no where to live. The only way she would get out of this mess is to sell the house my dad is in but she refuses to do it because a) it will leave him homeless b) he said he would refuse to leave, and c) she fears he will commit suicide. Now whether any of these things are true or not is irrelevant. She WILL NOT sell it and there is no persuading her otherwise. Plus at the moment she cannot sell any as they are all in arrears and soon they will all be up for repossession.
She is getting disability allowance from the government but this isn’t enough to cover it plus they are giving her even less because in there eyes she owns four properties so does not need the money. My dad would never seek help for his mental illness as he does not believe he has one.
The issue now is that my mum has asked me to put her house and my dads house in to my name, which would mean i take over the mortgages. This isn’t because she wants to pass the buck, it’s because she feels she can afford these two mortgages and by handing them to me it will also reduce the payments quite dramatically and she can then declare herself bankrupt and just concentrate on paying those. My concern is what happens if/when she can’t pay them, I certainly cannot afford to pay them myself, I will go in to arrears myself and I live with my partner and his which this will affect. My partner is also totally against this idea and we have already had numerous arguments about this. I fear he will leave me if I do this as his main concern is protecting the future of his child.
What do I do? Help my mum out and risk my own livelihood or sit back, comfortable and safe whilst watching my parents fall apart?
I can’t afford mortgages
The child is my partners not mine
The Fundamentals of Seller Finance
In this short eight minute video Ken Moll, President of GGB Capital LLC in San Francisco, offers some insight into how real estate realtors, property sellers, and interested buyers, can utilize seller finance as a tool to bring more qualified buyers through their properties. It briefly traces the origins of seller finance back to the early 1980′s when mortgage rates were 18%, through the spectacular collapse of sub-prime lending, to a point where the more motivated sellers and better …
Mortgage Tips & Information : What Is Private Mortgage Insurance?
Private mortgage insurance is added onto a loan when the borrower cannot provide a 20-percent down payment, as the lender takes a higher risk in this situation. Pay private mortgage insurance when making a small down payment with tips from a mortgage broker in this free video on mortgageloans. Expert: Matthew McKillen Contact: www.innovativefg.com Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. Filmmaker: Christopher Rokosz…
Mortgage Tips & Information : What Is Private Mortgage Insurance?
Private mortgage insurance is added onto a loan when the borrower cannot provide a 20-percent down payment, as the lender takes a higher risk in this situation. Pay private mortgage insurance when making a small down payment with tips from a mortgage broker in this free video on mortgageloans. Expert: Matthew McKillen Contact: www.innovativefg.com Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. Filmmaker: Christopher Rokosz…
Advice on starting your own business?
As a couple with a young family, we are sick and tired of slaving away for ungrateful employers who do not give us any recognition or reward for our efforts at work. Both of us are in our late 20s. Lately, we have been discussing the possibility of re-establishing a family business of my father that I dissolved when he passed away 4 years ago, once the recession eases.
All the foundations are still in place, and I feel we would not really have to do a lot of work to get it up and running. He was an insurance broker selling a wide range of products and services including mortgages, life assurance, pensions, private medical insurance etc. Before my wife had our first baby, she was studying for her CEMAP which she promptly stopped due to maternity leave. As she has a background in finance having worked with numerous banks, I have encouraged her to start studying for the CEMAP again. Although, I have no specific insurance experience, I have worked as a Research Analyst in the property and finance sectors. I have a Masters degree in Business Management, and have a good level of business knowledge.
Are we thinking along the right lines? What else should we be thinking about? Do I need to do any qualifications if I want to sell insurance products? Any tips would be greatly appreciated. Thanks.
Personal Finance : How to Calculate a Home Equity Line of Credit
Calculating a home equity line of credit starts with determining the value of the property, estimating a first mortgage balance and subtracting it from the value of the house. Learn about the money that will be available for borrowing needs with help from a financial services manager in this free video on calculating home equity lines of credit. Expert: Matthew McKillen Contact: www.excelmortgage.com/ Bio: Matthew McKillen brings 21 years of industry experience in arranging loans for his …
Financial Ltd Seminar Feedback
Attendees of the recent Financial Ltd Seminar in Coventry give their opinion on Financial Ltd’s services and what they have found valuable from the event.
