Posted: 7/29/2010 10:39:07 PM EDT
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My parents own 3 homes. wo are in California. They're pretty much 80% owned clear with 20% to the Bank. Both properties have been owned longg before the raise and fall of the housing boom.
The third home is in Arizona, My brother lives in this house with his wife and kids. This house is upside down Guesstamite is they bought for $185,000 and is worth maybe $120,000 It's upside down and with the new lower loan rates of 3.7% that you can get on a home should my folks borrow against one of their California homes? It might save them 3% for the next 20 years on the AZ home. Next, If you walked into the bank with $120k to pay off the note of the AZ home do you think that the bank might negotiate the value of the payoff? |