My parents have an outstanding mortgage of $108K but their last house appraisal was only $98K. Their mortgage is killing them at 8.75% and could not refinance due to the appraisal.
I don't have extra cash to lend them the amount of $108K-$98K = $10K to bring down the principal to the appraised value where a refinance company can feel security of lending out the money.
What options do I have to help them?
I don't have extra cash to lend them the amount of $108K-$98K = $10K to bring down the principal to the appraised value where a refinance company can feel security of lending out the money.
What options do I have to help them?
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