Where can we get funds to restore a home in rural Virginia on the cusp

Leah
by Leah
It was built in pre-civil war...then a Victorian front addition added by my grandpa iin early 1900''s! It has been owned by our family since 1885! Please ADVISE!! Trying to save, but foreclosure imminent! It is surrounded by 7 acres of waterfront property & land NEVER touched except by wildlife &. natural foliage!
To me it is "Paradise"!but only a "commodity to bankers!" H-E-L-P!❣

  8 answers
  • Before spending money on renovations, you need to get the house out of foreclosure proceedings. Find out what is owed and to whom. Make arrangements to pay that debt off then think about renovations.

  • 2dogal 2dogal on May 31, 2018

    You need to work with the bank! If it is going into foreclosure there have been many payments missed on a mortgage. If it is a sheriff sale, it is being sold for back taxes. Banks don't do this without many letters first. What happened?

    Banks lend a person money using the property as collateral. That person promises to pay back the money with monthly payments. It does not matter what kind of property it is. If that end of the bargain is not kept, the bank will take the property because they're not getting their monthly payment.

  • GrandmasHouseDIY GrandmasHouseDIY on May 31, 2018

    Hi Leah all I can think of is trying to contact your local historical society. If you can get it marked as a historical landmark I believe you will have more options to save it.

    • See 1 previous
    • GrandmasHouseDIY GrandmasHouseDIY on Jun 01, 2018

      Check with your state too, some states have specific funding just for historical land marks :) Good luck!!

  • Janet Pizaro Janet Pizaro on May 31, 2018

    have you spoke to the bankers to get a extension from foreclosure? Do you have other family members to reach out to.

  • Sharon Sharon on May 31, 2018

    Unfortunately, no one will loan funds for restoration to a property that is in foreclosure. If you can manage to get the property out of foreclosure, then if its in a rural area, I would apply for a HUD loan/grant.... they upgrade properties to make them liveable, provide mortgages for low-income people, and in rural areas that need housing.

    Loans & Grants for repairs... https://www.rd.usda.gov/programs-services/single-family-housing-repair-loans-grants

    Loans... minimum credit score of 640.... https://www.hud.gov/sites/documents/19565_502_GUARANTEEDLOA.PDF

    https://mymortgageinsider.com/usda-mortgage-loan-ab1/

    https://www.federalgrantswire.com/rural-housing-stability-assistance-program.html#.WxBkN46n_IU

    • Leah Leah on May 31, 2018

      Thank you SO much! Will Look into these! House IS on market, so a sale before foreclosure would be SO special! We want a family there who can ENJOY! 2008 hit US hard as retired! Family has HELPED all they CAN! Just NO help from mortgage servicers as denied EVERY attempt to modify, refi, etc. Investors have insulated themselves w/trustees, so servicer just gives us "run-around!" Can get 2 letters in same day contradicting each other!


      Local Historical Society very small!

      Contacts w/State.Historic Preservation not as helpful as hoped! Bless you for ur Reply!

      Leah

  • 27524803 27524803 on May 31, 2018

    Contact your Local or state Historical Society... they may be able to put you with contact that can help you.

  • Bogdanit Bogdanit on Feb 21, 2022

    Where can I work so that I can make money and save for my family's needs?

  • Crofiton Crofiton on Feb 21, 2022

    Most of us have a rather complicated relationship with money. In such situations, I would advise you not to panic but calmly analyze your options. One of the working ideas for side hustles is to drive your car. If your car "eats" some fuel, you can sign up with companies like Uber or Lyft and work with them in your spare time. Park near the airport or some popular bar downtown and earn extra money. Similar to driving services, there are also mobile apps like PostMates. They make up to $25 an hour for delivering meals to customers in your area. Anything is possible as long as you don't give up, and you can get out of all situations.