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We Are Going To HARP Our Rental



Our remaining mortgage is on our rental home. We are upside down in the mortgage by about $70,000.00 from the original refinance back in 2007. Currently we are about $40.000.00 upside down. I don't know if we will ever see any increase in the value of this house. That being said, we decided to apply for HARP (home affordable refinance program).


With the HARP, we will significantly lower the payment, save $24,000.00 over the course of the loan and we only increased the life of the loan by 3 yrs. With the diffence between the monthly payment and what the renter's pay, we will be able to make a few updates on the rental.


Yes, I would LOVE to pay the rental mortgage off early. But until the dusts settles from mom's estate AND when I decide to rent mom's house for "real" money, that will have to wait.


Tonight we had dinner with my Aunt and Uncle ( my mom's brother) from Wisconsin. My uncle is a retired U.S Federal Marshall and his organization has meetings annually all over the United States. They were so hoping to see mom with this visit. It was going to be a surprise for her. That didn't work out quite like they planned. :-(

I so enjoyed the visit! Can you believe my Uncle is 85 years old? Not me!!


Image credit



Lisa Richardson said...

I want to look like that when I'm 85.

Lisa Richardson said...

Congrats on refinancing the rental house... any additional money is always a blessing. What kind of improvements are you planning?
- Denise @ myhousemyrules.com

Lisa Richardson said...

Hi Denise,
Our first repair will be to the privacy fence. It is old and needs updating. We are thinking that the vinyl fence will be a good long term option

Lisa Richardson said...

I know!!! He looks so young!