My grandmother bought the home we lived in the 90s for 90k at a 8% interest rate. I found out she refinanced the house several times from what seems like predatory practices and malicious advice and now owes 250k at 6%. Basically the house I thought was paid off now has 30 mortgage and she is 90. Her grandkids are in the will to inherent the house but do we inherent this mortgage?
It sounds like maybe you have more context to the situation, but I just want to say that cash-out refinancing on its own isn’t necessarily predatory or malicious.
I just can’t fathom why she would need to do this. She was getting rent from mutiple people. “This came up because we’re all like sooo the house is paid off this year right? So rent can go down?” I was planning write her a check for w/e balance is left just to wrap it up this year. Like I can only believe she was scammed somehow. She’s An old lady with 2nd grade education (no joke) and not a good speaker.