Expert: Sue Bernstein - 4/25/2009

Question
"Hello,

     I have lived in a home in Las Vegas, NV for 20 years, we refinanced a couple times. My brother and myself were caregivers for my Elderly Father. My brother passed away on 2/3/09 then my Father passed on 3/5/09. I am 50 on disability and unfortunately, cannot afford our 1150.00 mortgage by myself. I receive 1054.00 on SSI disability. I am currently only one month behind, and I believe that I am not upside down on the loan. Any ideas on how I could posssibly save my home? All suggestions would be appreciated. Regards-Skyler"


Answer
Dear Skyler,

It seems that you have 3 options.
1. Take in a room mate who can pay rent thereby assisting with the payment.
2. Sell the house
3. Rent out the house.

I suggest you meet with a realtor and very quickly before you lose the house for non-payment and find out what it will rent for and what you can probably get if you sell it.  While I do not know your market I would guess that both options should give you additional money to live on.

Hope this helps and good luck.

Sue Bernstein