Adjustable-loan woes force family to sell home

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: My son and his wife, along with their two very young children, are about to sell their house and rent another house. They purchased their house in April 2003 and refinanced it in March 2004. Their real estate taxes and adjustable-rate mortgage have gone up. They are in debt and have very poor credit. As a result, they are unable to refinance. Rather than lose their house, they feel their only option is to sell, pay off their debts, improve their credit, and use any money left to put as a down payment on another house in approximately a year. Are there any other options available to them? – Pat R. DEAR PAT: Rather than selling their home, their obvious solution is to increase their income if at all possible. Taking a temporary part-time job to pay off those debts makes far more sense. Purchase Bob Bruss reports online. I hate to see people sell their home if it is appreciating in market value unless the mortgage payments are far greater than their monthly income. Rent...