we are having lots of problems with our newly purchased house and we can't pay for the repairs the mortgage and other other bills and my husband is on workman's comp also so that makes life even more hard
2006-08-15 12:11:22 · 13 answers · asked by hot_rebelangel 1 in Business & Finance ➔ Renting & Real Estate
Selling your home is the only way to get out of a mortgage besides foreclosure. The market is supposidley stable so you maybe able to get back what you bought it for. Good luck, call a realtor or try for sale by owner to avoid paying commisions.
2006-08-15 12:17:30 · answer #1 · answered by Me 6 · 0⤊ 0⤋
If you need to move, the best way to get out of a home loan is to sell your house and repay your mortgage. It sounds like you need to get a smaller house (owning is still preferable to renting!).
Depending on the type of mortgage you may have to pay penalties for paying it off early. If you are not sure about those details you should talk to your mortgage broker/bank and find out.
You may need to "bite the bullet" and take a loss on the sale of your house if the financial burden of bills, mortgage payment and repairs is going to make the situation worse.
There are many investors that are willing to take the burden off of your shoulders if you are in a bind and willing to make it worth it for them.
Where is it that you live? I may know of such people who would be willing to buy the house.
2006-08-15 12:24:34 · answer #2 · answered by MAXIMUS 1 · 0⤊ 0⤋
Most important. Talk to the lender. Remember they are in the business of lending money, not selling real estate. (That's a last resort.) See if it is possible to convert to an interest only loan for a period. This way, the lender is still getting their interest payments and you are still making any equity in the rising price of the home. Try and do whatever you can to get through the hard times.DO NOT DECLARE BANKRUPCY. It will put you so far behind in later life. Your most visible asset is your credit rating. Would you lend money to someone who shows they do not pay it back?
2006-08-15 14:28:54 · answer #3 · answered by loudflyer 2 · 0⤊ 0⤋
First approach the lender, strike a deal that will allow you to place the property on the market on a price agreed upon by both you and the lender for an agreed upon period of time. As part of the deal the lender will agree to take a deed in lieu of foreclosure from you in the event that the house does not sell for the price and terms that you and the lender have agreed upon. Banks are not in the real estate business and they don't like taking back property it costs them too much money. If you act in good faith and negotiate what is in both of your best interest it can be done without harming your credit history.
2006-08-15 12:40:18 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
i'm afraid to be the bearer of undesirable information yet you are able to no longer pay a loan with student loans. Why? as a results of fact the lender will decide to renowned the place the money would be coming from and you will no longer qualify. you have got adequate for a down value, yet that's no longer all you will desire. it relatively is no longer proper what form of residing house or how lots the home is as a results of fact except you pay all money you're extra advantageous off renting and paying off your student loans as quickly as a threat. if your father and mom help you, are they prepared to qualify for the non-public loan as properly?
2016-10-02 03:27:49 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Bankruptcy is a bad option. I've never *heard* of anyone who came out ahead in the end by declaring bankruptcy. Usually it makes a bad situation much worse.
Talk to the lender, see what they can do to ease your situation.
If that's not enough, talk to someone about selling. Given your situation, refinancing is not likely to help, as any new loan is likely to be worse than your current one.
2006-08-15 13:31:17 · answer #6 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
a friend had this happen a few years ago and he went to the bank, they took the house and that was it. i am sure it wasn't great for his credit rating but they rented for a while and finally bought another home. of course i am not a banker but the people who hold the paper on the property are the ones you should seek out.
2006-08-15 12:19:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I know this is tough, I may be able to help. Contact me for a confidential little pep talk and possible solution, with no charge or worries of me 'robbing' you.
Antal
AToth@Surefastmortgage.com
2006-08-15 17:52:07 · answer #8 · answered by Antal T 2 · 0⤊ 0⤋
Sell the house as is. Take the loss.
2006-08-15 12:26:27 · answer #9 · answered by 345Grasshopper 5 · 1⤊ 0⤋
either sell it or try to pay it off... or you can get an appartment and rent out the house and they can pay the morgage for you. good luck
2006-08-15 12:17:49 · answer #10 · answered by th1gurl23 2 · 0⤊ 0⤋