Need to get out of this house

anitazavala2 · Joined: 11 Sep 2008 Posts: 1 1.43 Dollars($)

We need move closer to where both my husband and I work and where our children go to school. Our home is in a rural town but since buying it our lives have moved to another area 27 miles away. Since the cost of fuel is so high it is hurting us having to drive 5 days a week there. My husband was ill this spring and was off work for 8 weeks. He has returned to work now, but has to do more surgery this winter and will be out of work again for 6 weeks or more. We are getting to the point of not being able to make our house payments and living expenses. If we were to move closer to our jobs and schools we would not have the added fuel costs. Houses here in town have not been selling and there is no real market for rentals either. How can we get out of this house?

sweeney · Posted: Thu Sep 11, 2008 6:32 pm Post subject:

Hello- What about putting it on the market at a low asking price? I'd also recommend you talk to a good realtor in your area to get their advice.

brian1 · Posted: Thu Sep 11, 2008 9:46 pm Post subject:

Your options are limited
sell
rent
foreclose
shortsale
3 and 4 kill your credit
Good Luck

vegas_storms · Joined: 12 Sep 2008 Posts: 67 3.54 Dollars($)

Actually a shortsale will not kill your credit "IF" you can get in writing from your lender that they will report it "as agreed paid in full".

This is happening more than most think, as the cost to foreclose is much higher for the lender if the homeowner just walks instead of going through with the shortsale.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.11 Dollars($)

I agree that a short sale is always better than the other options. Continue to make the payments in the meantime so that you don't ruin your credit. Most lenders are willing to work with you and will accept a lower payoff so that they do not have to foreclose on the property down the line.

All times are GMT - 7 Hours

Page 1 of 1