Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

Need to get out of this house

Author Message
Icon Mini Profile anitazavala2





Joined: 11 Sep 2008

Posts: 1

1.43 Dollars($)
Post Posted: Thu Sep 11, 2008 9:51 am    Post subject: Need to get out of this house
Like 0
Dislike 0

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?
Icon Mini Profile sweeney
sweeney
Community Expert
Community Expert

best lender badge

Joined: 20 Jul 2008

Posts: 131

25.11 Dollars($)
Post Posted: Thu Sep 11, 2008 6:32 pm    Post subject:
Like 0
Dislike 0

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.
_________________
Mike Sweeney
LionSaves.com - refinance debt

views expressed on this forum are my opinion as a mortgage professional, not legal advice
Icon Mini Profile brian1
brian1
Community Expert
Community Expert

best lender badge

Joined: 14 Jun 2008



Posts: 448
Location: Northern California
15.61 Dollars($)
Post Posted: Thu Sep 11, 2008 9:46 pm    Post subject:
Like 0
Dislike 0

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

_________________
Licensed Broker 50 states
http://www.aimwithfocus.com Live Chat available
Need quick advise email or PM Glad to help
Pre-approvals www.applyonlinesecure.com
Icon Mini Profile vegas_storms





Joined: 12 Sep 2008

Posts: 67

3.54 Dollars($)
Post Posted: Fri Sep 12, 2008 5:29 pm    Post subject:
Like 0
Dislike 0

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.

_________________
Top 100 Mortgage website www.mortgagebreakdown.com
Information given is an opinion, for true legal advice please consult an attorney.
Icon Mini Profile lisascherzer



best lender badge

Joined: 04 Jan 2008

Posts: 755

1.12 Dollars($)
Post Posted: Tue Sep 16, 2008 1:17 am    Post subject:
Like 0
Dislike 0

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.
_________________
Lisa Scherzer
Allpointe Mortgage
Expert Mortgage Broker
440-521-7060
Free Mortgage Quotes
Get Mortgage Information
Search Real Estate Agents Here
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.083 seconds.