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Don't know if you're town/city/state offers anything like this. This is so perfect and I have only one problem: talking my ex-husband (the house's co-owner) into doing it.
It looks like I'll be qualifying for a forgivable loan of up to $30K for home repairs. Monthly payment? Zero. The loan is set up as a lien against your house.
HOWEVER, it doesn't accrue interest AND, every year, 1/15 of the loan is knocked off the principal which means that in 15 years, there is no more lien. "Debt" gone.
He's squirming because if we sell in 5 years when our youngest is 18, that's a potential $20K lien. What I can't get through his very thick head is that the work done will likely pay for itself in the sale price. It's also likely that daughter will go to college, which means I'm here with her for at least 7, if not 9 years AND, the terms are the same if he lives here or they live here. As long as it's kept in the family, the loan continues to dissolve away.
There are some major issues, but my most worrisome at the moment is the plumbing in the bathroom. Falling tile and many years of some pretty bad leaks makes it basically undoubtable that the tub needs to be ripped out, floorboards will need replacing, as will some sheet rock and a new tub put in. It's a structural issue as well as a mold issue and needs to be done before any mold takes over the house. I've seen this happen to people and it's been so bad, they had no choice but to leave!
My ex = pennywise & pound foolish.
It looks like I'll be qualifying for a forgivable loan of up to $30K for home repairs. Monthly payment? Zero. The loan is set up as a lien against your house.
HOWEVER, it doesn't accrue interest AND, every year, 1/15 of the loan is knocked off the principal which means that in 15 years, there is no more lien. "Debt" gone.
He's squirming because if we sell in 5 years when our youngest is 18, that's a potential $20K lien. What I can't get through his very thick head is that the work done will likely pay for itself in the sale price. It's also likely that daughter will go to college, which means I'm here with her for at least 7, if not 9 years AND, the terms are the same if he lives here or they live here. As long as it's kept in the family, the loan continues to dissolve away.
There are some major issues, but my most worrisome at the moment is the plumbing in the bathroom. Falling tile and many years of some pretty bad leaks makes it basically undoubtable that the tub needs to be ripped out, floorboards will need replacing, as will some sheet rock and a new tub put in. It's a structural issue as well as a mold issue and needs to be done before any mold takes over the house. I've seen this happen to people and it's been so bad, they had no choice but to leave!
My ex = pennywise & pound foolish.
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