cvm2002
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Posted: Fri Nov 20, 2009 3:48 pm Post subject: Deed in Lieu vs Rental vs ???
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Hoping someone can offer advice. Here's the situation in a nutshell: I purchased a home in Michigan in 12/03. My then fiance' (now husband) was transferred from his job in Michigan to Washington. We were able to sell his home prior to moving. My house went on the market in November 2006, we were married that December, moved to Washington in January 2007 (why yes...that WAS a bit of a stressful time!). Purchased home in Washington in May 2007.
Currently paying mortgages in both states. House has been with 2 different realtors for 3 years now without so much as an offer. Given the housing market and economy in Michigan, the house is now worth less than what I owe, and is currently listed at $15,000 less than what I owe. Keep in mind, this is a home I purchased for $79,500, so we're not talking major numbers here.
I'm currently keeping my head above water financially, but its time to be done with this house. I'm not going to sink money into improvements when I'm already losing money on the place. I've looked into renting, but current rental rates are less than what I'm paying on the mortgage, so I'm still losing money. Is a deed in lieu the way to go? I don't want to wreck my credit rating (which is very good currently), but our cars are paid for, the mortgage is current on the WA home, and we're not looking at any pending big purchases.
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