First, let me say that for the past few days, I've tried to gain from the wealth of experience that seems abundant on this site. Though I've picked up a few ideas which may be beneficial in the future, I haven't come across one that addresses my specific problem.
I'll also admit that I'm as green as pea soup with real estate, so please explain any possible answers to me as if I were a sixth grader.
My mother passed away last year and left two properties. We had to do a reverse mortgage on one to cover her medical and living expenses during her last year. I now have to pay back the reverse mortgage, which is only 40% of the home's value, in order to keep from losing the home. I just requested, and received a 90 day extension to repay that loan.
I was hoping to sell the other property to pay down the reverse mortgage, and hopefully buy more time. But that property is in desperate need of repair, and my credit, nor my income puts me in a position to get the work done to pass inspection.
There is no mortgage owed on this second property, but based on my credit, I'm having difficulty finding lending to cover the work need to sell it. I was hoping that the sell of this property would be the start of my real estate investment empire. But right now, it just seems to be a royal headache.
I need help. Any ideas???
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