I can afford the payments, I am just not happy where I live. I would like to build a place farther from the city. Being in a duplex , I don't feel like I "own" my own place. Being that times are slow and I really want to leave...what are my options besides renting both out or just waiting it out?
2006-09-05 14:29:53 · 4 answers · asked by Adam H 1 in Business & Finance ➔ Renting & Real Estate
I doubt the bank will be willing to buy your property. If they buy it, they are left holding the property, with no income coming in on the property. Does not hurt to ask them - but have not heard of it.
You may advertise it for sale by owner, so you do not have the realitor fees - or rent it out.
You may want to go ahead and look into building a home of where you want to be, than when the home is complete (or almost completed) Sell your home or keep it as a rental, for the income.
What hurts your credit is if you stop paying on your mortgage, and it goes into forclosure.
Good luck to you.
2006-09-05 14:38:30 · answer #1 · answered by W. E 5 · 0⤊ 0⤋
If you mean allow a repossession or issue a deed in leu of foreclosure to the lender, yes it will hurt you for several years. It is better to either rent out both sides, move now and sell later or just sell it.
Regardless of your "feelings" you do in fact own it, with the bank as a partner. You made a promise via the deed of trust or mortgage note to pay the payments on time. You break the promise and the lender sends "red flags" all over the country via credit reporting agencies to warn other lenders of your broken word.
Be sure that that is what is really troubling you, not something else. Talk it through with a trusted person and consult a full licensed real estate broker for the cost of a sale. Banks do not want to own real estate they are in the business to make good loans. They make their money via the interest paid (on time), same as you preserve your good credit rating with payments on time.
2006-09-05 14:41:40 · answer #2 · answered by hithere2ya 5 · 0⤊ 0⤋
Yes, you can injure your financial health if you do not sell your property. Your other options not yet mentioned are to offer it as a lease option to the current tenant or a new buyer. This will allow you the ability to help someone else out and get a good price for your home. To auction it, or to list it for sale with an agency. The results of selling it back to the bank are not worth the in-convenience of trying these others first. You can do research in the library on the above mentioned avenues for creatively solving your situation.
2006-09-05 14:56:56 · answer #3 · answered by alia a 1 · 0⤊ 0⤋
Yes, if you let the bank assume the property...your credit will suffer harshly.
2006-09-05 14:32:08 · answer #4 · answered by tjjone 5 · 0⤊ 1⤋