I bought a house back in Jan. and since April I have been in a snowball effect of back luck. At this point, I'm drowning in credit debt and I'm working 2 jobs and BARELY paying the mortgage and utilities. My house is currently up for sale. But, I feel that if it doesn't sell soon, I will be forced into foreclosure or bankruptcy. And I really don't want to go that route if at all possible but, I don't know if I have any other options. If I could get out from under the mortgage payment and utility bills then I could get caught up on everything else. Any advice would be greatly appreciated.
2006-09-15 04:44:23 · 10 answers · asked by ATL Baby Gurl 1 in Business & Finance ➔ Renting & Real Estate
I bought a house back in Jan. and since April I have been in a snowball effect of back luck. At this point, I'm drowning in credit debt and I'm working 2 jobs and BARELY paying the mortgage and utilities. My house is currently up for sale. (I don't want to refinance because then I'll be stuck there longer) I want to get away from the area. But, I feel that if it doesn't sell soon, I will be forced into foreclosure or bankruptcy. And I really don't want to go that route if at all possible but, I don't know if I have any other options. If I could get out from under the mortgage payment and utility bills then I could get caught up on everything else. Any advice would be greatly appreciated.
2006-09-15 04:56:38 · update #1
The market is getting soft or actually declining in most of the country. I presume you have no room on price. If you do, taking a loss in preferable to extending your current situation.
Short sales also exist, although your agent should have told you about them. Sell for less than you owe on the property. Requires lender approval and a good agent to get that lender approval. You'll still owe taxes on debt forgiveness income, but better that than having a foreclosure on your credit record.
Final option is deed in lieu of foreclosure. You credit still takes a hit, but it's not as bad as that in foreclosure.
DO NOT declare bankruptcy. I've never heard of anyone who declared bankruptcy coming out in a better position from having done so.
By the way, I *would* talk to an attorney about suing the agent and loan provider who got you into this mess. Unless you've just lost your good job or something, they should have known better.
2006-09-15 04:53:39 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Your first option is to try to refinance. See if you have enough equity in the home to consolidate the bills.
Feel free to contact me via the information below.
Jenold Freeman
C.E.O. Justgetaloan.net
jfreeman@bourdeaufinancial.com
866 530 7300
Dont forget to log onto www.justgetaloan.net Americas home for real estate financing needs. For the best in rates, loan programs and service. Remember no matter what the situation; Can't we all just get a loan?
2006-09-18 07:02:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
1. sell the house at whatever u can get for it as long as it pays off the mortgage. 2. re-finance at an interest only rate. 3. rent out a room for a portion of the mortgage payment.
2006-09-15 04:52:01 · answer #3 · answered by Morrie 2 · 1⤊ 0⤋
There are 3 pre-foreclosure measures that a borrower can use:
1/ Negotiate a short sale with the bank.
2/ Negotiate to hand over the deed in lieu of foreclosure
3/ Negotiate a forebearance.
Most banks prefer short sales since they get something out of it...see if you can negotiate with the bank to sell the property and all proceeds of sale to go to them............
2006-09-15 07:47:08 · answer #4 · answered by boston857 5 · 0⤊ 0⤋
certain, it really is termed a Deed in Lieu of foreclosure. No, i do not imagine they're going to do it. yet it really is a adverse monetary decision, and the monetary business organization is not likely to cooperate with you and elements a sparkling loan on yet another abode. this is going to adversely impact your credit status--regardless of the reality that not as a lot as a foreclosure. The sensible difficulty to do is to promote your position and purchase yet another, sparkling new deal. OR to stay placed. the expenses of promoting and buying are more effective than the $10,000 a lot less. This looks a pennywise and pound stupid decision.
2016-11-27 00:33:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You may want to contac local investors in your area. Investors are typically not realtors, so they don't list the homes, they buy them much like we do.
You'll probably get answers telling you that investors are vultures. Well, we've helped more than one homeowner out of a bad situation, so I can't imagine myself as a "vulture".
For some more in depth info on how investors work, check our website.
2006-09-18 04:12:02 · answer #6 · answered by Pat F 3 · 0⤊ 0⤋
I would try calling one of those We buy your home in 24 hours.I am not sure if they give you what you want but it's worth a shot. Just do a search for it. Hope that helps you some
2006-09-15 04:57:05 · answer #7 · answered by Stoner 5 · 0⤊ 0⤋
I would sell and sell fast, try this website for a real estate agent:
http://www.realestateagentlive.com/
2006-09-15 06:34:03 · answer #8 · answered by Matt J 3 · 0⤊ 0⤋
Have you tried to refiancing the home? That can sometimes lower your payments.
2006-09-15 04:49:52 · answer #9 · answered by Johnnie Jack 1 · 0⤊ 0⤋
http://www.unclaimedhouses.com
2006-09-16 13:35:32 · answer #10 · answered by Piffle 4 · 0⤊ 0⤋