I can't afford my house anymore. I moved to another state (my brother is staying at my house for now and he doesnt have money either). My mom sells real estate, and she said i should be able to apply for a hardship letter. I lost my job 11 months ago and am trying to catch up on my bills. I'm also trying to save my credit. Any suggestions would be greatly appreciated.
2006-08-04 17:49:55 · 10 answers · asked by Goblue 3 in Business & Finance ➔ Renting & Real Estate
I deal with this all the time. If there is equity, then sell it with an agent. If there is little or no equity, then look into renting it out or doing something called a "Short Sale". A short sale is where you ask the lender to accept less than what's owed in order to sell the place because you suffer from some type of hardship that prevents you from making your mortgage payments.
If you're in Southern California, contact me and I will see if I can help you out.
Regards
2006-08-04 18:18:38 · answer #1 · answered by Anonymous · 3⤊ 0⤋
If you mortgage loan is "Assumable" then you could sell /transfer ownership to a 3 rd party who wold take over and ASSUME your loan and make -0- profit or a couple of dollars. if the mortgage is not assumable and you don't want the mortgage co. to foreclose, you can offer to deed them the house in lieu -of-foreclosure. this might help save your credit. I was in the mortgage field for 19 yrs. and I might knowa thing or two
IMPORTANT INFORMATION** the mortgage co. doesn't want you house that's then last thing they ant ,because mortgage co.'s don't sell houses they sell money! from your question it seems as if the lender hasn't taken action to file notice of default that
starts the clock to foreclose .. let me ask have you kept in contact with the lender? have attempted to make partial payments? the worst thing to do is to run away and hid!
have you Mom list the house for sale @ $$owed + closing fees + 15%and dump it. BUT
you have to sell /net at least the amount you owe. Show your Mom this , and I think she will agree.Good Luck! Bigdawgoso002
2006-08-04 18:13:38 · answer #2 · answered by Raddawg1 1 · 0⤊ 0⤋
If your Mom's in real estate, she should be your best source of info. Aside from that: 1) sell the house - your Mom should be able to do that, and reduce her commission to boot. 2) understand that the mortgage company is not about to forgive (cancel) any mortgage. So, refinance (if you can) with another company that will give you enough $ to pay off the existing mortgage and will give you terms you can live with (such as lower monthly payments) 3) get rid of your brother as a tenant; rent the house to someone who can pay rent regularly and enough rent to cover your payments plus taxes, insurance, etc.
The most practical of these possible solutions looks to me like #1.
Good luck!
2006-08-04 18:20:48 · answer #3 · answered by Hal 1 · 0⤊ 0⤋
I hope your mom has it on the market! Even if you are upside down in it you can always talk to the lender about a short sale which is better than a foreclosure on your credit.
2006-08-05 01:29:45 · answer #4 · answered by Karen R 3 · 0⤊ 0⤋
Home owners are luckier than renters in that banks try to be flexible in giving them more time to get the money together. I would call and explain everything to them, you might be surprised - and get a reasonable response.
2006-08-04 17:56:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋
SELL IT . . . there are signs up in any big city for 'I Buy Houses' just because that condition is so common.
2006-08-04 17:53:20 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Maybe your mortgage company will let you rent it out.
2006-08-04 17:57:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
YEs Sell it.
2006-08-05 06:03:05 · answer #8 · answered by unclejesse1 3 · 0⤊ 0⤋
sell
2006-08-04 17:54:22 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Call them and tell them the situation and get them to tell you your options.
2006-08-04 17:52:48 · answer #10 · answered by Mama R 5 · 0⤊ 0⤋