My husband got a new job on the other side of town and due to all the driving he'll be doing, we're looking to sell our home and move into my sister's house for awhile till we find our next home as well as save and get our credit scores up!! Anyway, there's quite a bit of houses on the market here in my neighborhood and selling ours looks like it may take awhile. The thing is I am in my 2nd trimester of pregnancy, up to my eyeballs in monthly bills, and the ARM on our mortgage loan has expired. Refinancing would be stupid because of our wanting to sell so to save a lil bit of money, would it be wise to move into my sister's sooner and shut off some of the utilities...i.e. gas, alarm, water, cable. Those bills alone are almost $600 at times! (Besides, I heard moving most of your stuff/clutter is better for potential buyers, that way they have a better view of the house.)
2006-11-29 16:19:40 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes it would be wise but...just be sure it will be ok to be at your sister's house for awhile.....It may take some time to sell and you don't need friction there.
Homes sell better that look like a clean slate. Paint the walls a neutral color if you can and make sure it is very clean. Lower your deductible on your homeowners insurance and make sure that stays active just in case of vandalism.
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2006-11-29 16:25:12 · answer #1 · answered by MN-Mike 4 · 0⤊ 0⤋
It sounds like you wanted to live the good life & reached out to far for it.
At this time it's important to hold on & not let your home go in to forcloser. You could well end up not getting any money from you home & still owe money on it. Then you credit rating will really go down.
How much is your house worth & how much do you owe?
If you have some equity in you home is it enough to not let it be lost? Or would it be better to just sell it & break even?
Clean up your clutter, put your house on the market.
If you don't have alot of equity sell on the best offer that lets you off the hook. A lower price may mean your house would sell faster.
Trim as much as you can from you bills. Cut until it hurts & cut some more. This is a swim or sink time in your life.
The swiming will not be easy. The sinking will not be pleasant.
Talk to you lender, let them know that you are having a problem.
You should look into refinancing your home. You may get another
ARM that you could live with. If you have a fair amount of equity in your home that would be of a help in getting over this hump.
One brite spot is having a sister that will help you with a place to stay.
2006-11-29 16:51:41 · answer #2 · answered by Floyd B 5 · 0⤊ 1⤋
Depending on how the real estate sales in your area are, it might take a long time to sell. But you can start today and see what happens. Moving in with family is risky for the relationship, but if it works out, yes, you can save money! Just make sure you put it away before you spend it!
Your ARM is renewable, the interest rate may have not jumped too high, you should have received a letter from your bank to that nature.
You might also consider renting the house out at the going rate and letting the tenants make your payment for you and pay their own utilities. Then when the selling market picks up, it will sell.
Good Luck!
2006-11-29 16:26:51 · answer #3 · answered by Barbara 5 · 0⤊ 0⤋
Refinancing wouldnt be stupid, if you rent it for the amount of the mortgage payment! It would make less sense to NOT rent it out...paying a mortgage on an empty house? Regardless, you're going to get the equity...the difference is do want it now, or do you want to wait until later? Its not like you cannot put it on the market while it's rented. BUT you cannot refinance while it's on the market! So i say, REFI, then rent it, then list it!
2006-11-29 22:05:03 · answer #4 · answered by ALEGNA 3 · 0⤊ 0⤋
on condition that you be able to pay this $4,500 down in a functional era of time. The 13% price is probable costing you $50 a month in interest (provide or take). dropping it all the way down to three.5% has the flair to diminish it to easily $13 a month (plus that interest will be tax deductible). so a techniques, very reliable. the position it receives risky is abode fairness strains surely placed your position on the line for debt it truly is at the moment unsecured. So, if there is a few situation such as your earnings and/or funds and also you stopped paying the cc business corporation, the worst that would want to take position is they might cut decrease backpedal your mastercard and perchance take you to small claims court to assemble. in case you won't be able to or do not pay the HELOC, they could foreclose on your position. So, i'd do it to maintain on the interest, yet i'd also make aggressive funds on it so it receives paid down in a short era of time. in case you pays $four hundred a month in the route of the HELOC, you may have this lengthy gone in decrease than a 12 months. you could also pick to seem for a nil% stability move card and move it there to pay it off interior a month. once you do have the cardboard at a $0 stability, purely use it for prices you pays in finished each and each month, so that you do not get stuck paying interest again.
2016-11-29 23:12:41 · answer #5 · answered by ? 4 · 0⤊ 0⤋