Re: house values?d

Posted by Ed Lopez on November 15, 2007 at 20:45:50:

In Reply to: house values?d posted by commonsense on November 15, 2007 at 14:52:58:

I posted right after you and read your post. My brother is the 74 yr old disabled vet in AZ. He tried to sell his house for $269,000 ($35,000 profit)because cost of living, etc., was choking him. Declining market, no sale. Excellent credit score (740) but total yearly income of app. $25,000 precludes conv re-fi. A "friend" tells him he'll get him a 1 yr option arm at 1 1/2%.
I've been helping when I can and offered to continue but he refused. Lack of common sense; perhaps, but his friend assured him AZ real estate would climb again. Hoodwinked, no doubt but he wants no bail out. He just wants to hold onto his S.S. and VA disability pension when the inevitable foreclosure comes. Can it be done?

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