| Author |
Message |
|
|
 DianeVasquez
Joined: 22 Apr 2009
Posts: 1
1.40 Dollars($)
|
 Posted: Wed Apr 22, 2009 4:21 pm Post subject: Can i get out of my current FHA Loan to purchase a new home? |
|
|
Hello,
I have a big problem. My husband and i purchased a home a little over a year ago. His job has relocated and is on the opposite side of town. Our current home was far from work but near the freeway and we also use to car pool because we worked at the same office. But now thats not possible. We just can't stand the commute & cost of gas seeing as my hasband drives a V8 anymore. We CAN afford our mortage payment just fine but got behind in Dec. because of family issues. We can get caught up no problem but our house is worth less then what we owe so selling is not an option. Is there any other way that we can get out of this current FHA Loan and purchase a new home closer to his job? Thank You. |
|
|
smckaybiz
Community Experts
Joined: 24 Apr 2008
Posts: 196
Location: PA
10.62 Dollars($)
|
| Posted: Wed Apr 22, 2009 4:56 pm Post subject: |
|
|
Welcome to the forums Diane,
Unfortunately there is no simple way out of your loan. My suggestion to you two would be to worry about dumping the V8 and getting a more efficient vehicle. It would be a lot easier for you to get rid of the truck than it would be to get rid of the house. Not only that but I'm sure a smaller vehicle will also be less expensive in general than your truck as far as monthly payment, insurance, and maintanence.
Good luck...
_________________
Scott McKay
FreeOnlineCreditGuide.com |
|
|
Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
|
| Posted: Wed Apr 22, 2009 8:50 pm Post subject: |
|
|
if you cna try to catch up on your mortage and see if you can rent your place. This way you can work with your mortgae compny to correct your credit scores frist to buy a next house.
If you can rent and if it covers your PITI ( Principal, Interest, Tax and Insurance).
Als absolutely look at your V8 as Scott suggested. |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9808
Location: bloomfield, ct
45.23 Dollars($)
|
| Posted: Thu Apr 23, 2009 7:24 am Post subject: |
|
|
"getting out" of a mortgage loan is an amazing concept. i don't know of any way that would allow you to do this. selling the home "gets you out" but it seems that's not in your plans.
i applaud scott for his sensible approach to your quandary. and geni may have a cogent point if you are able to rent the home.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
