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sandilorenzana · Joined: 08 Nov 2008 Posts: 2 2.71 Dollars($)

Aloha from Hawaii,

My husband and I have 17+ acres with a 3/2 in Hawaii overlooking the ocean - which my husband built. Beautiful, but we really need help.

My husband is a disabled vet on VA and SSDI. I had a well paying job until 6 months ago and now earn less than 1/2 of what I was making - no job ops here now- We refinanced in April and now owe $715,000 on a house that appraised for $960,000 at the time. We've had the house on the market for almost 6 months and have lowered the price to $825,000 - there is just no market. We have to move back to the mainland ASAP in order to be able to afford to live - Our payment is over $4,000 p/mo. In addition, I have asthma and the vog is really beginning to bother me so we really need to move

We have perfect credit and are not late on any payments, but since I've lost my job we've steadily been going down hill and this month I had to take a cash advance on a credit card to make up the short fall.

Any suggestions that would impact our perfect credit to the least extent. We have not spoken to bank (in-house loan) yet - Guess I'm scared. No other mortgage, no leins and the title is clear. Any ideas are welcome.

Thank you, Sandi

smithsussane · Posted: Sun Nov 09, 2008 8:27 pm Post subject:

Hi sandilorenzana!

Welcome to forums!

You can try renting the home to someone and yourself move to the mainland. You can get a certain sum of money from the rent and thus you can pay off the mortgage with it. As you have already placed the house in the market but haven't got anyone to sell it, I'm afraid that the lender won't accept a deed-in-lieu or a foreclosure. However, I would suggest you to still have a word with him.

You can also try for a loan modification. You can contact the loss mitigation department of the lender and check if they can offer you an alternative repayment plan.

Feel free to ask if you have further queries.

Sussane

Samantha · Posted: Mon Nov 10, 2008 4:56 am Post subject: house not selling - what to do?

Hi Sandilorenzana,

I can understand your situation very well. At times things do get worse but please don't lose hope.

Since the market there isn't good enough, why don't you offer the property on a lease-to-purchase option? This way, the buyer could rent the property for a few years and then buy it. In the meantime, you'll be able to pay off part of the mortgage using the rental income. By the way, have you thought of short sale or deed in lieu of foreclosure?

May god bless you.

Samantha

Guest

Thank you Susanne and Samantha - I really appreciate your feedback - I am going to talk to our lender this week - she's gotten to be kind of a friend so while she is just the lead banker at our branch maybe she can give me some insights. Susanne you said I can't ask for a deed in lieu because the house is already on the market with a broker? But Samanatha suggested this avenue - Am I misunderstanding? I appreciate the clarity. I do research for a living so I like to know as much going in to a situation as possible. Mahalo and warm alohas, Sandi

Niicss · Posted: Tue Nov 11, 2008 3:09 am Post subject:

Hi Sandi,

I don't think you have mis-understood anything. Sussane is just doubting whether the lender will be ready for a deed-in-lieu. The lender will have to sell it to some other person to recover the debts. So if you are not getting a buyer, it is quite natural that the lender will also not get a buyer soon. However, the lease to purchase option mentioned by Samantha is extremely good and I think you should try for it.

Thanks.

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