Should I sell my house?

Question

I am in financial trouble. I have the option of selling my house or getting a roomate, however, getting a roomate will not allow me to pay off my debts right away. I would have to sell and find a place to live to build my credit before I could buy again. I'm just looking for some simple advice don't worry about giving me my solution because I know that will be up to me in the end. Thanks.

Answer 1

You may want to consider a combination of refinance to payoff the debts and a room mate to cushion the load.

Here is some additional info. Hope this helps.

Answer 2

Actually there are some other options you could consider. One is to take out an Equity Loan on your home and use it to pay off your debts. This way you would have only one monthly payment. Another option to put your house up for rent and use the income to help pay off your debts and still you retain ownership of the house. If you rent your house then you could find a roommate to live with and cust your expenses while increasing your income. Just some options to think about.

Answer 3

It is possible to sell PROVIDING that the property will be vacant on completion i.e. the tenant has already gone. I once looked at a property which had a tenant in it, and she was about to move out. Don't know if there'll be any additional paperwork though. You need to consider how long the tenant has and factor whether its short enough for a sale to go through. If there are 6 months to go, then it would be a problem if the buyer is in a chain, as most chains won't wait that long. Also, you could get a first time buyer, or cash buyer, who may be able to move quickly.

Answer 4

DON'T SELL!!!!!!!

You might be having money problems but at least by owning your home you have equity. Have you thought about getting a home equity loan to pay off your debts? If you are finding yourself with major credit card debt and need to get that under control a home equity loan can be a good solution. You will have a much better interest rate w/ a home equity loan, and if you pay off your cards, your credit score will go up.

Again, I don't know your whole situation, but if you can keep your home you will be in much better shape down the road. Get a room mate to help w/ the mortgage. You'll make it through and in the long run you'll be better for still owning your home.

Answer 5

I think getting a roomate will allow you to keep your home and then allowing you to keep your credit without losing too much. You might have trouble finding a decent apartment to rent if you are being evicted from your home and what not.

I dont know your whole situation, but do what is best for you so that you dont get bad credit too quickly, because then you wont be able to get anything.

Answer 6

You could look into selling this house and buying a cheaper one - some companies will give you an okay loan with poor credit. However, I suggest you sell and get out of debt. It will be a load off your shoulders.

Answer 7

If you have equity in the house, why not go to a bank and open a homeowner's equity line. This will allow you to withdraw sums of cash from the account and pay back when you can. At the same time, get a renter. The rental income can be used to pay back the money borrowed from the equity line.

Answer 8

In our current market, it could realistically take 3 months on the quick end to get your house sold. Do you have that kind of time? If not, I'd suggest refinancing and getting the roommate.

Answer 9

sell the home. foreclosure is the worst that you could do. renting may not be what you are looking for but get a roomy to help share expenses till you get yourself straight.
Good luck