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Updated about 6 years ago,
Mortgage close to payoff! Then what??
Hello BP fam! I have a family member who is about $5k-7k from paying off their mortgage. Property worth $30K when it was purchased. They own the property with Habitat for Humanity. Once the remaining balance is paid off, they will own the property free and clear. All of the properties surrounding this house are being remodeled and empty lots are getting new, modernized homes built on them. The neighborhood stands to be in the range of $250k-$500k for most upgraded properties. I want to help them to
A. Payoff the remainer of the money owed (without coming out of my own pocket)
B. Help them to decide whether to knock property down and rebuild and hold OR just do some additions completely gut and remodel and sell.
This property is located in Charlotte, NC not far from the city's center.
Is there somewhere I can contact to assist with mortgage payoff since its such a small amount? Anyone know any grants that are given for a situation like this?
Any feedback would be greatly appreciated!!