already took asecond mortgage.
2006-07-31 14:34:49 · 10 answers · asked by chris l 1 in Business & Finance ➔ Personal Finance
Sell the property and pay off the mortgages.
2006-07-31 14:39:25 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The following are your options.
1. sell the property
2. take in a roommate to help pay for the mortgage.
3. rent the property out, so long you have a positive cash flow.
if you owe more than the house would sell for, you may qualify to do what is known as a short sale.
in any event suggest that you talk with your lenders and advise them of your hardship situation. they really do want to work with you. they are not in the business to foreclose. foreclosure is very expensive for lenders. Lenders do prefer to work matters out with you. contact a reliable Realtor that has experience with short sales that can represent you in negotiating for you.do not wait until you receive your notice of default sell your house. the longer you wait the more problems you may encounter. suggest you also talk with a tax advisor cpa and a real estate attorney. good luck .
2006-07-31 21:44:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sell. If you're upside down on the mortgage now (you owe more than the house is worth) call a tax advisor and read up on all your options.
Or,get another job and be mortgage broke and bound.
2006-07-31 21:46:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your divorce attorney should have ideas around this issue.
REDUCE all unnecessary expenses.
Brainstorm on how many different ways you can make money.
Ask your Church, etc. for assistance.
As well as some of the already answers given.
2006-07-31 22:22:25 · answer #4 · answered by supurdna 2 · 0⤊ 0⤋
MOVE FAST. Most people procrastinate and it makes things worse for sure.
1. Sell
2. Get a roomate(s)
3. Short-sale if you owe more than it's worth.
2006-08-02 03:35:41 · answer #5 · answered by rogerv_dotcom 1 · 0⤊ 0⤋
either rent it or get it listed for sale RIGHT NOW. lenders get real
squirrely if you get over 30 days late. If you get to 60, most will initiate
foreclosure - avoid that at all cost to protect your credit. the mortgage
is the responsibility of the both of you - get your ex to pay half!!!
2006-07-31 21:43:10 · answer #6 · answered by Mon-chu' 7 · 0⤊ 0⤋
debt consolidation
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-consolidation.htm
2006-08-02 05:22:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
if you're in IL e-mail me at ryanschwebelatgmaildotcom
2006-08-01 00:17:20 · answer #8 · answered by billysimas 3 · 0⤊ 0⤋
Have you tried having your ex killed?
2006-07-31 21:43:32 · answer #9 · answered by Jotun 5 · 0⤊ 0⤋
Sell, sell, sell.......
2006-07-31 21:44:28 · answer #10 · answered by reignydey 3 · 0⤊ 0⤋