Personal Finance

3819 readers

3 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 1 year ago

MODERATORS

nieceandtows@programming.dev

nieceandtows@lemmy.ml

WandererLagomorph799@lemmy.ml

House refinanced 3x (reddthat.com)

submitted 1 month ago by Spacehooks@reddthat.com to c/personalfinance@lemmy.ml

26 comments fedilink hide all child comments

My grandmother bought the home we lived in the 90s for 90k at a 8% interest rate. I found out she refinanced the house several times from what seems like predatory practices and malicious advice and now owes 250k at 6%. Basically the house I thought was paid off now has 30 mortgage and she is 90. Her grandkids are in the will to inherent the house but do we inherent this mortgage?

you are viewing a single comment's thread
view the rest of the comments

[–] CrimsonMishaps@lemmy.world 11 points 1 month ago (5 children)

You sure do if you want to keep the house. It also sounds like she leveraged the house for some extra cash when she refinanced.

[–] Spacehooks@reddthat.com 3 points 1 month ago

The location cannot be beat. My brothers don't want to sell because of it. The main issue is while the older grandkids like myself were already looking for a new place the younger ones like my sister (20 years younger) than me have no place to go. I can't afford to bring them with me even if they wanted to. I dk why she needed more cash. I literally paid for a new roof and add ons over the years.

load more comments (4 replies)