Hello to everyone here.
I made my second trip to my lawyer today and I am going to have to do a 100% payback to keep all of our property. We covered a good bit of stuff in the lawyers office but when I got home I still have some questions and I thought I would ask here and see if anyone might have an answer or a thought. My wife is going to inherit 1/2 of her home place when her step mother decides to sell the home,my lawyer said a 100% payback would cost about $1800 a month,he then asked me what I
thought the home was worth and I told him around $200,000 he then quoted me a payment of about $700 or $800 and then said the house would have to be sold in 5 years to have the lower payment,I was thinking later he may have been alluding to the fact a lower payment was possible if a person could come up with the difference to satisfy all of the debt at the end of the 5 yr plan. Is this possible or did I just assume something wrong ?
Thank you !!
I made my second trip to my lawyer today and I am going to have to do a 100% payback to keep all of our property. We covered a good bit of stuff in the lawyers office but when I got home I still have some questions and I thought I would ask here and see if anyone might have an answer or a thought. My wife is going to inherit 1/2 of her home place when her step mother decides to sell the home,my lawyer said a 100% payback would cost about $1800 a month,he then asked me what I
thought the home was worth and I told him around $200,000 he then quoted me a payment of about $700 or $800 and then said the house would have to be sold in 5 years to have the lower payment,I was thinking later he may have been alluding to the fact a lower payment was possible if a person could come up with the difference to satisfy all of the debt at the end of the 5 yr plan. Is this possible or did I just assume something wrong ?
Thank you !!