Posted on: 14th Nov, 2007 03:23 pm
I bought a condo 1.5 years ago in NH and should have never been approved. I cannot afford the condo or my other bills and my credit is tanking. The condo is on the market and I owe more than what it is worth and cant afford closing costs. What should I do!
Hi Pannp,
Welcome to this forum.
Can you please tell us how much credit score do you have?
Is it that your buyer cannot pay the closing cost and that is why you are paying the closing cost? As far as I know that it varies from state to state. Mostly buyers pay the closing cost and sometimes buyers and sellers both pay a part of the closing cost. So you can request your buyer to pay a certain percentage of the closing cost and you can pay the rest of it.
There are so many programs available for the buyers to pay the down payment and closing cost. The buyer can seek down payment and closing costs assistance. If he takes FHA loan, it will allow him to borrow from relatives, friends, or any non-profit organization to pay the closing cost. You can find a number of local and state agencies which conduct bond programs that provide buyers with cash required for making down payments and closing cost.
In spite of that, if he does not agree, you should look for another buyer as for you it is not possible to pay the closing costs now.
Alternatively, you can take small amount of loan to pay your closing cost.
Thanks,
Larry
Welcome to this forum.
Can you please tell us how much credit score do you have?
Is it that your buyer cannot pay the closing cost and that is why you are paying the closing cost? As far as I know that it varies from state to state. Mostly buyers pay the closing cost and sometimes buyers and sellers both pay a part of the closing cost. So you can request your buyer to pay a certain percentage of the closing cost and you can pay the rest of it.
There are so many programs available for the buyers to pay the down payment and closing cost. The buyer can seek down payment and closing costs assistance. If he takes FHA loan, it will allow him to borrow from relatives, friends, or any non-profit organization to pay the closing cost. You can find a number of local and state agencies which conduct bond programs that provide buyers with cash required for making down payments and closing cost.
In spite of that, if he does not agree, you should look for another buyer as for you it is not possible to pay the closing costs now.
Alternatively, you can take small amount of loan to pay your closing cost.
Thanks,
Larry
from where can anyone take the loan for closing costs larry? is there any organization offering such programs to sellers?
well if you couldnt afford this loan why did you take it?
now there is not much to do if you cant sell it. You can either pay it or let it go into foreclosure and ruin your credit. Thats pretty much it.
now there is not much to do if you cant sell it. You can either pay it or let it go into foreclosure and ruin your credit. Thats pretty much it.
