need to get out of mortgage payment asap

ckssner · Joined: 26 Oct 2008 Posts: 1 1.38 Dollars($)

I have an investment home that I can no longer afford. It's value has dropped significantly and I can't sell it. I can't rent it any where near what my payment is. What would be the best way for me to get out of this home, with the least amount of damage to my credit? Also, my husband is on the title, would this hurt his credit as well? If so, how can I avoid hurting his credit score?

Thanks,
Connie

bearboysj · Joined: 25 Oct 2008 Posts: 42 17.02 Dollars($)

This is a really unfortunate situation for you.

You can contact your lender and see if there is a way to possibly refinance into a lower payment due to the proprty value has dropped - they may provide you with a short payoff amount so that your loan doesn't turn 'upside down' (you owe more than your property is worth).

There isn't really any easy way out.. maybe renting it just to lessen the pain of the full mortgage payment until you can get the place sold - or offer it at a reduced rent while you have it on the market for sale with a stip in your rental contract that the property is in the process of being sold (they would still require 30 days notice).

In any event, I would maybe look around for a private investor (craigslist) to see if someone would be willing to purchase as a 'For Sale by Owner'.

brian1 · Posted: Sun Oct 26, 2008 11:12 am Post subject:

There is no easy way out from this. You and your husband agreed to make payments regardless of the market a d your credit will suffer if you miss any payments or sell for less than what is owed. I would tighten up get it rented and eat the remainder if credit is the biggest concern... like the other poster suggested there may be some relief if you contact the lender but I wouldnt count on it - worth trying though.
Soprry not the answer you were looking for
Brian

Guest

I would contact the loss mitigation department to see if you can get into a different loan program.
If you can't, maybe contact the bank about a short sale. A short sale will hurt your credit.

If your husband is on title, but not the loan, it should not affect his credit b/c it doesn't show on his report. If you want to be sure not to hurt him in any way, quit claim deed him.

I am sorry that you are in this situation. You are not alone.

Guest

MY NAME IS THE PRIMARY ON THIS HOME WITH A FRIEND, BECAUSE WE COULD NOT GET ALONG, I MOVED OUT BUT MY NAME IS STILL ON THE HOUSE I WANT IT REMOVED. WHAT CAN I DO?

bearboysj · Joined: 25 Oct 2008 Posts: 42 17.02 Dollars($)

If you are on the note, you will need to refinance to get off the loan. If you are simply on title and not on the mortgage then you can quit claim without doing a refinance.

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