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 irizarrymarilyn
Joined: 27 Oct 2007
Posts: 7
4.59 Dollars($)
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 Posted: Wed Oct 31, 2007 5:13 pm Post subject: Is it wise to sell, even if it means a short sale or wait? |
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| We are in a real financial mess .We bought this business 9 months ago it has been extremely slow. We are trying to sell 3 other homes as short sales. The home we live in has a monthly payment of $4000,00, which is interest only. If we can get out of the other houses, we could try to keep this one, but is that wise? Should we just sell this home, even at the risk of another short sale, and either rent or buy a cheaper house till the business starts moving again. We are in our 50's and have never had such financial trouble. Will our credit ever be able to survive this? Marilyn |
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jenkin7
Joined: 04 Jun 2007
Posts: 939
140.80 Dollars($)
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| Posted: Wed Oct 31, 2007 11:35 pm Post subject: |
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Hello Marilyn,
If you are considering 3 homes for short sale that will definitely affect your credit.
You may put up rent in 2 of them with a lease-to-purchase option. The money from the rent will be helpful in making the monthly mortgage payments.
You may try to do a short sale with one of them but it will be wise to keep your present home. |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Fri Nov 02, 2007 4:03 am Post subject: |
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Hi Marilyn,
I can understand your situation. Sometime such problems come to our life. I think 3 short sell at a time is not possible. So you can try for one or if possible two. You can also rent other houses so that you get some amount of money to pay off your mortgage
Thanks,
Larry |
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livinginnky
Moderator
Joined: 08 Sep 2007
Posts: 596
23.71 Dollars($)
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| Posted: Fri Nov 02, 2007 10:31 am Post subject: |
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| Quote: | | I think 3 short sell at a time is not possible. So you can try for one or if possible two. |
Why would you say that Larry? You could do 10 short sales at once. Doesn't mean it won't be frustrating but do you have a real basis for that statement?
Now irizarrymarilyn,
1 more short sale isn't going to have that much of an affect. You are going to take a hit anyway because of the other properties. My personal opinion is to get it all out of the way and behind you. Your credit is going to be effected and it is going to be negative. However with everything behind you, you can then start to rebuild your credit. And it won't take forever, you can actually qualify for a new (more affordable) mortgage after just a few years of good credit.
Hope this helps.
Best of Luck
_________________
Eric Matthews
Mortgage Refinance and Home Loan Guide |
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Perry
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0.10 Dollars($)
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| Posted: Fri Nov 02, 2007 11:33 pm Post subject: Short sale |
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| Hi Marilyn - I think Eric may be right. A short sale is always a better option than a foreclosure. And to my knowledge there are no limits to the number you can attempt. However, another option may be a deed in lieu of foreclosure. Not as good as a short sale, but usually better than an outright foreclosure. If you aren't getting the offers on your property listings, it may be your only option. Also, the tax implications of both a foreclosure and short sale are considerable. You should speak with a tax advisor. |
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anna
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0.10 Dollars($)
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| Posted: Sat Dec 01, 2007 11:34 am Post subject: deed in leiu vs. quick sale |
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| How severe could the taxs be if we go either way. We owe 308,000. What if we could only sell it for 250,00, then what? |
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livinginnky
Moderator
Joined: 08 Sep 2007
Posts: 596
23.71 Dollars($)
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| Posted: Sat Dec 01, 2007 12:14 pm Post subject: |
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Exactly Anna,
How bad could it be? Pay a little tax or have a foreclosure on your credit for up to 20 years? Good point. And I don't think everyone has to pay the tax as long as the sale happens this year.
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Eric Matthews
Mortgage Refinance and Home Loan Guide |
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anna
Guest
0.10 Dollars($)
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| Posted: Sat Dec 01, 2007 8:48 pm Post subject: can we clain the taxes each year |
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| If we have a deed in leiu after we purchase a new home, and our parrents offer to purchase a new home for us and we make the payments, how do we have to be put on the deed or the loan to be able to claim the house for tax purposes? Were a little bit confused. |
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livinginnky
Moderator
Joined: 08 Sep 2007
Posts: 596
23.71 Dollars($)
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| Posted: Sun Dec 02, 2007 10:41 am Post subject: |
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Anna,
What do you mean "for tax purposes".
If you mean the interest tax deduction.... I don't believe you can. But I am know attorney... I believe you have to be listed on the mortgage to get the tax deduction.
_________________
Eric Matthews
Mortgage Refinance and Home Loan Guide |
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