We had a simple issue with our bathtub spout. I began to work on it and replace it and tile broke. Behind the tile I discovered black mold and extensive water damage. All of the walls will have to be stripped to the studs, the subflooring will have to be replaced. From previous quotes on a potential renovation, we were looking at 8k. Now with all of this damage, I can only assume it will be more.
My wife (34F) is the sole owner of our home and has a current credit score of 617 according to Rocket Mortgage. Her yearly income is 52k pretax. Our original home loan was for $75500 over 30 years. Our current balance is $58956.66 and we have been here for almost 11 years. Our lender is US BANK.
We have a little over 16k paid into our house. We applied to refinance for some home repairs in the late winter/early spring and was declined. Today she applied with Rocket Mortgage to see about doing a “Cash Out” loan for home repairs and switching to them. They told us they couldn’t do the cash out option, but we could refinance to a new 30 year loan on the current balance and pay $80 some odd dollars less.
We literally have no emergency fund for our house, and have nothing in our bank accounts after paying bills. We have NEVER missed or been late on a mortgage payment since the loan was taken out, but that doesn’t seem to help us.
We are current without running water until a plumber can make it over to fix our pipe, and without a way to bathe for the foreseeable future. Any recommendations as to how we can secure the money to get our bathroom fixed would be greatly appreciated.
Submitted August 09, 2020 at 06:31PM by DustinoHeat https://ift.tt/2XMh7tM
