Personal Finance

3770 readers

1 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

[email protected]

House refinanced 3x (reddthat.com)

submitted 4 days ago by [email protected] to c/[email protected]

28 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

[–] [email protected] 4 points 4 days ago (1 children)

It sounds like maybe you have more context to the situation, but I just want to say that cash-out refinancing on its own isn't necessarily predatory or malicious.

[–] [email protected] 2 points 4 days ago (1 children)

I just can't fathom why she would need to do this. She was getting rent from mutiple people. "This came up because we're all like sooo the house is paid off this year right? So rent can go down?" I was planning write her a check for w/e balance is left just to wrap it up this year. Like I can only believe she was scammed somehow. She's An old lady with 2nd grade education (no joke) and not a good speaker.

[–] [email protected] 2 points 4 days ago (1 children)

Is there any evidence the money was used inappropriately or stolen? How was she paying her living expenses? How confident are you that she shouldn't have needed the cash just to live?

[–] [email protected] 1 points 3 days ago

Discussing this with my siblings I don't know why she would need money to live when we lived with her and people are paying her rent. Her kids and grand kids have degrees. Going to a bank for money and not just asking us more seems like madness. However, she does take frequent trips to the old country that she claimed was being paid for by her siblings. she maybe have more skeletons than we thought.