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If your daughter is back to work she can take out 85% of the equity of the home with an FHA loan. Where is the property? I am located in Tampa.
If you daughter and son-in-law have jobs, they can refinance and even take your name off the mortgage, if you like. Or if you prefer, you can stay on the mortgage. Have them do a cash-out refinance, so that you can get at least part of your money back. You paid cash, so there has to be some equity. Don’t worry, you can get a mortgage even after the 12 months is up.
my daughter and her family moved from nj to florida in may. Because they had quit their jobs and only my daughter had a job in florida, their chances of getting a mortgage were slim to none. I was able to purchase a foreclosure house for less than $100,000 cash. I spoke with a mortgage broker and he told me we could buy a mortgage after 6 months but no longer than 12 months from the closing. the home is currently in my daughter and my name. what should be our next step? we closed on April 28. I used all my available cash and I have been so stressed for the last few months because I am so poor and aftaid I am stuck!
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