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VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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The note servicer transferred the loan and now I might lose our home that we built 33 years ago together. I'm looking for someone who could help to keep my house.
How old are you OP? The tough reality is that you will need enough income to pay your mortgage or rent plus living expenses no matter where you live, so you will need to crunch some numbers to see which is more economically feasible. You may be able to cut back your daily expenses and/or seek employment to make payments, or it may be wisest to sell and downsize to a place more in keeping with your present income and invest what equity you have in your home.
Time for a reality check. If you can't afford the mortgage (and it's not paid off after 33 years) then you can't afford the maintenance either. Time to sell the house and look into something you can afford.
Take in a boarder, a roommate or two? As we age, we can all use help with mortgages and bills, but as far as I know, there is no help for such things. Did your husband not leave a life insurance policy or insurance to pay off the mortgage in the event of his passing? A retirement fund that's now passed over to you? You're entitled to apply for HIS social security if he was drawing it......you don't state ages. Investment portfolios? Did he use an accountant or financial planner you can speak to?
Go speak to an attorney for advice, that's my other suggestion.
If you do end up getting a roommate, because that's an idea I've had kicking around in my head , if the time comes. Make sure they don't get mail at your address, you want them to get a PO box. Then you won't have to go through the whole league process if you want them to leave
I'm guessing you live in USA. If you owned it 33 years, the mortgage should have been paid off already. Why did the mortgage company transfer the remaining loan balance? Mortgage companies do sell their loans to other mortgage companies, so you could be wrong you will "lose your house." You will need to pay the mortgage, property taxes, and homeowners insurance.
You also are entitled to half of your husband's Social Security benefits. Make sure to contact SS to make this happen.
Sell the house, pay off the mortgage debt and buy a small condo with the cash you have left.
Keep in mind you will owe 22% Capital Gains Tax on any net profit from the sale of your home over $250,000. You will need to use a professional tax preparer for dealing with this. Ideally, you have enough to pay cash for a smaller place, and have under $250,000 remaining, which you can keep tax free as a nest egg.
If you owned it 33 years, mortgage should have been paid off already. Why did the mortgage company transfer the remaining loan balance?
Other options are rent a room out to a working woman for extra income. Sorry for your loss.
More information would be helpful, S. but let me tell you with what you have given us. I am assuming your husband has died? You are worried now because you are left with a mortgage. I would say you need to see an elder law attorney because there are some things that you can do. If you have any work history at all you may be able to transfer your husband's social security payment to your name. I am not certain if you can but an attorney can answer the question.
Next, what funds had your husband saved? Was ALL of your money going to the mortgage and home leaving you "house rich" and cash poor? If so you may need to try to refinance the home. Unlike to be able to without a job. Other thing you can "try" is to assess the value of the home with a realtor, then decide if you should sell the home and downsize to living in an apartment.
If you have been left with no money, no insurance, and you have not worked then there are things to consider as to whether or not you can STILL work. That may depend on your age. You could work as a caregiver in a facility in all likelihood. This would be a start and would keep you busy.
Now we come to the cost of the attorney. Start a go fund me if you have to but buy that one hour of time from an elder law attorney. Take all assets and fact with you for the visit and be as organized as you are able.
You may need on an immediate basis to take in a boarder, roommate. This will help while you get on your feet. Take great care in your choices.
The advice you have received is very appropriate. I would just begin this process by knowing what is the amount of the existing mortgage. That would be a beginning point and you are getting ahead of yourself without first knowing that basic fact. I do hope you find the right path for the help you need.
As others have suggested, you need to gather as much factual info about your mortgage and general finances as possible. Then take it to a financial planner to help you figure out if it makes sense to try to stay in the home or to simplify your life and downsize by selling and becoming debt-free.
You don't tell us how old you are, but if you're my age (65) I would seriously consider downsizing. Costs for everything are high, including labor and hiring out any repairs and maintenance of your home when you're to the point you physically cannot do it yourself anymore.
There was a program in my home state of MN to help low-income homeowners who were behind in their mortgages, up to $50K but that was a covid-era initiative and but they stopped taking applications in 2023.
I would do a browser search for your home state: "are there any government programs that helps low income homeowners to pay their mortgages?"
Asking because I honestly don't know, but wouldn't a reverse mortgage require a paid off home? Or can you get one based on the amount of equity in the home?
I don't want to bash this poor OP who is not aware of her own finances. Perhaps her situation will be a wakeup call to any of us who are not 100% aware of the family finances.
Statistics tell us that most women will become widows and should have the power and the knowledge to run a household. I know quite a few women (all older than me, I must say) who haven't got a clue how to do anything but write a check. The 'little woman' attitude is a dead thing--I feel it was over when I got married in 1976. I managed our money and DH managed our investments and we talked about finances a lot. Yes, it took time and energy to come to a place where we were both on board with the whole scenario. But it was essential that he knew what I was doing and I knew what he was doing.
I think I got lucky because I DID learn to do the bills, budgeting, long range investing and always did our taxes. DH doesn't do any of that stuff, but things are set up so if I go first, he'll figure it out. He was GREAT at managing our long term investments and since we retired, it has been a huge blessing to have a nice annuity that pays out, along with our S.S. We NEVER believed that SS could support us in our retirement, so we didn't add it into the overall picture. It's nice that it is there, but we didn't 'plan' for it.
I would suggest you start at the bank--then move on to the mortgage company if your bank is not the institution holding your loan. It's time to pull up your big girl pants and figure this out.
On the plus side, if you get moving with this NOW and don't let it drag out, banks REALLY do not want to foreclose on people. You have to be pretty far out from payment of a loan to be foreclosed upon.
If you are really new to this, please get a trusted friend or relative to help you. You've gotten some really good advice, please take it and come back for more good advice and support!
I had a lot of aunts and uncles that were exactly like this lady. Hubby handled all of the finances, then dies first, leaving their 60+ year old widow to try and figure out where their bank accounts are, where the investments are, and whether or not they had any life insurance. They may not even know the PIN's to their debit cards. I had one aunt who never drove a car in her life and suddenly had to take driving lessons to get a license.
Transferring your loan should not change the agreement. Your % should be the same. Your payment should be the same. Its just another company buying your mortgage. We had an FHA and the mortgage payment never changed and we were sold. The total payment did because the increase in taxes and homeowners insurance. We also had insurance that would pay off the house if my husband passed before me.
If you find that you cannot keep up the mortgage payments, you may need to sell. The Mortgage gets paid off and you get the remaining proceeds. Those proceeds can help you get an apt and add to your monthly income.
Call your County Office of Aging to see if you can get free help in deciding what is best for you. I was on a committee that was able to help people with catching up rent and utilities. It was a one time thing. We never helped with Mortgage payments that were behind. Why, because if Mortgage payments were not being paid, taxes* probably were not either. You will lose you house faster for non-payment in taxes than you will for non-payment of a mortgage. By catching up someone on their mortgage and then they lost the house for non-payment of taxes, was money down the drain and could have been used to help someone else. The committee had a yearly limit of money.
*I live in NJ, #1 with the highest property taxes in the Nation. My property taxes yearly now surpass what I paid yearly for my house payment.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
Go speak to an attorney for advice, that's my other suggestion.
My condolences on the loss of your husband.
If you owned it 33 years, the mortgage should have been paid off already.
Why did the mortgage company transfer the remaining loan balance?
Mortgage companies do sell their loans to other mortgage companies, so you could be wrong you will "lose your house."
You will need to pay the mortgage, property taxes, and homeowners insurance.
You also are entitled to half of your husband's Social Security benefits. Make sure to contact SS to make this happen.
Sell the house, pay off the mortgage debt and buy a small condo with the cash you have left.
Keep in mind you will owe 22% Capital Gains Tax on any net profit from the sale of your home over $250,000. You will need to use a professional tax preparer for dealing with this. Ideally, you have enough to pay cash for a smaller place, and have under $250,000 remaining, which you can keep tax free as a nest egg.
If you owned it 33 years, mortgage should have been paid off already.
Why did the mortgage company transfer the remaining loan balance?
Other options are rent a room out to a working woman for extra income.
Sorry for your loss.
I am assuming your husband has died? You are worried now because you are left with a mortgage.
I would say you need to see an elder law attorney because there are some things that you can do.
If you have any work history at all you may be able to transfer your husband's social security payment to your name. I am not certain if you can but an attorney can answer the question.
Next, what funds had your husband saved? Was ALL of your money going to the mortgage and home leaving you "house rich" and cash poor? If so you may need to try to refinance the home. Unlike to be able to without a job. Other thing you can "try" is to assess the value of the home with a realtor, then decide if you should sell the home and downsize to living in an apartment.
If you have been left with no money, no insurance, and you have not worked then there are things to consider as to whether or not you can STILL work. That may depend on your age. You could work as a caregiver in a facility in all likelihood. This would be a start and would keep you busy.
Now we come to the cost of the attorney. Start a go fund me if you have to but buy that one hour of time from an elder law attorney. Take all assets and fact with you for the visit and be as organized as you are able.
You may need on an immediate basis to take in a boarder, roommate. This will help while you get on your feet. Take great care in your choices.
Good luck.
You don't tell us how old you are, but if you're my age (65) I would seriously consider downsizing. Costs for everything are high, including labor and hiring out any repairs and maintenance of your home when you're to the point you physically cannot do it yourself anymore.
I would do a browser search for your home state: "are there any government programs that helps low income homeowners to pay their mortgages?"
https://www.consumerfinance.gov/ask-cfpb/what-is-a-reverse-mortgage-en-224/
Statistics tell us that most women will become widows and should have the power and the knowledge to run a household. I know quite a few women (all older than me, I must say) who haven't got a clue how to do anything but write a check. The 'little woman' attitude is a dead thing--I feel it was over when I got married in 1976. I managed our money and DH managed our investments and we talked about finances a lot. Yes, it took time and energy to come to a place where we were both on board with the whole scenario. But it was essential that he knew what I was doing and I knew what he was doing.
I think I got lucky because I DID learn to do the bills, budgeting, long range investing and always did our taxes. DH doesn't do any of that stuff, but things are set up so if I go first, he'll figure it out. He was GREAT at managing our long term investments and since we retired, it has been a huge blessing to have a nice annuity that pays out, along with our S.S. We NEVER believed that SS could support us in our retirement, so we didn't add it into the overall picture. It's nice that it is there, but we didn't 'plan' for it.
I would suggest you start at the bank--then move on to the mortgage company if your bank is not the institution holding your loan. It's time to pull up your big girl pants and figure this out.
On the plus side, if you get moving with this NOW and don't let it drag out, banks REALLY do not want to foreclose on people. You have to be pretty far out from payment of a loan to be foreclosed upon.
If you are really new to this, please get a trusted friend or relative to help you.
You've gotten some really good advice, please take it and come back for more good advice and support!
If you find that you cannot keep up the mortgage payments, you may need to sell. The Mortgage gets paid off and you get the remaining proceeds. Those proceeds can help you get an apt and add to your monthly income.
Call your County Office of Aging to see if you can get free help in deciding what is best for you. I was on a committee that was able to help people with catching up rent and utilities. It was a one time thing. We never helped with Mortgage payments that were behind. Why, because if Mortgage payments were not being paid, taxes* probably were not either. You will lose you house faster for non-payment in taxes than you will for non-payment of a mortgage. By catching up someone on their mortgage and then they lost the house for non-payment of taxes, was money down the drain and could have been used to help someone else. The committee had a yearly limit of money.
*I live in NJ, #1 with the highest property taxes in the Nation. My property taxes yearly now surpass what I paid yearly for my house payment.