I have home 5 years. home equity loan for three years. can't afford making payments due to seperation. what is my best course of action?
2006-08-29 12:29:34 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
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2006-08-29 13:25:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you have owned the home for 5 years, you are likely to have equities since housing price appreicated a lot. Avoid foreclosure is top priority, because there are fees and legal issues to avoid which always costs extra.
If you want to sell, interview a few brokers or agents.
If you want to keep the property, talk to your lender. They are more willing to let you keep the house then to take it back.
2006-08-29 14:35:42 · answer #2 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
you can loose the house if you don't make your second mortgage payments. selling the house is the best option, because if you separated now , you will need good credit in your life sooner then later
2006-08-29 13:00:17 · answer #3 · answered by bianca 4 · 0⤊ 0⤋
Unfortunately, a separation or divorce often means you have to sell your house. I've seen it many times. You may even end up owing money after the house is sold.
2006-08-29 12:37:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would love to take a look at you situation and attempt to assist you out of your situation. I am a mortgage broker who works with over 100 lenders nationwide, I have several programs and work with all types of credit. Please feel free to contact me, I would have no problem seeing what it is that you qualify for and where you stand.
Jcorreahq@yahoo.com
2006-08-30 06:10:46 · answer #5 · answered by jcorreahq 2 · 0⤊ 0⤋
Try and sell it before it goes into Foreclosure, you might or might not make a profit but maybe you can at least save your credit.
2006-08-29 12:35:40 · answer #6 · answered by trickygirlb 5 · 0⤊ 0⤋
Unfortunately, there is little more that you can do other than sell your house. Did you talk with your lender(s). Did you talk with an attorney?
2006-08-29 12:33:55 · answer #7 · answered by goldielocks123 4 · 0⤊ 0⤋
talk to loan officer at your bank,,i've had it arranged to just pay the intrest payments each month.
2006-08-29 12:39:56 · answer #8 · answered by steve 5 · 0⤊ 0⤋
sell the property if it has the value at this time, maybe even make a profit.
2006-08-29 12:33:49 · answer #9 · answered by The Advocate 4 · 0⤊ 0⤋
Take in a boarder. Extra money; just take cash so you don't have to report it.
2006-08-29 12:36:27 · answer #10 · answered by Anonymous · 0⤊ 0⤋