I am in some desprate need of advise, My wife up and left me a couple of months ago leaving me with this nice big mortgage. I am looking at selling the loan is for 205000 but the property is valued at 190,000 and to sell its going to be 15k. My payment is 1900 and i cannot afford it. My current mortgage company is not helping me. the home and morgage is all in my name alone.
2006-12-08 14:43:53 · 8 answers · asked by don k 1 in Business & Finance ➔ Renting & Real Estate
Whoooops, take out one of those ARMs or other creative loans did we ? And did you get married after getting the loan ? is that why the wife wasn't on it ?
Selling for the loan amount is highly unlikely . . . either you can just bail but you would still be liable for a huge amount after the foreclosure auction OR like a # of my previous co-workers - you can take in a paying roomate.
$1900 is like $600 more than my payment with a higher loan balance, so I am back guessing you did fall for that ARM junk . . . now you know, get room mates and get the payments made until the housing market cycles back which should be about 4 - 5 years. you can do it !
Note: I saw 30 yr fixed around 6% which should get you a payment nearer $1400 - keep trying the refi . . .
2006-12-08 14:57:57 · answer #1 · answered by kate 7 · 0⤊ 0⤋
If you can rent it out for the mortgage payment, that would be wise. Other than that, since you say your mortgage company isn't helping you, they probably won't accept a short sale. If it is in your name only, then you qualified for it with your income alone. This would be a reason that the mortgage company won't offer any help. In their eyes, your financial situation has not changed.
On the other hand, you have something more important to worry about than money or houses. Work on fixing your marriage. Get yourselves into some kind of counseling and work it out.
Good luck with both problems.
2006-12-08 15:03:04 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
What are similar homes renting for in your area? If you can rent it out for close to the mortgage payment and move into a cheap rental that should buy you enough time to get "right side up" and avoid foreclosure.
Lacking that, contact your lender about a short sale. They agree to take a lesser amount than the outstanding balance in order to avoid the hassle and expense of a foreclosure. Most lenders will work with you on this though some of the shark-like lenders that specialize on sub-prime paper (poor credit risk mortgatges) may not be very willing to do so. Hope you're not with one of those.
2006-12-08 16:36:03 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Since you are saying that you cannot afford this property, I am assuming that you are falling behind in your payments.
Most mortgage companies have a "loss mitigation department" that works with people who are past due (pre-foreclosure). These folks may be agreeable to offering a "short sale", which means that the bank is willing to accept a fair market value for your home, and forgive the balance due on the loan.
An experienced real estate agent in your area should be able to help you with a short sale. If you need a referral to an agent in your area, please visit www.bestrealtorohio.com and click on the "Contact Me" link.
Good luck!
2006-12-08 14:49:47 · answer #4 · answered by ramman 4 · 0⤊ 0⤋
The ideas the earlier post contained are good and are the steps you should be taking.
Another option is find a broker's office who can purchase your loan(s) from the bank. In all reality no bank wants to foreclose reason being they loose volume In the amount they can borrow from the federal reserve.
At my co. we have done this for a few customers that have gotten themselves in your situation for one reason or another.
If yould like me to help go thru my source email.
Good luck on everything hope your situation gets better soon.
2006-12-08 16:42:44 · answer #5 · answered by FMF 2 · 0⤊ 0⤋
the answer is particularly common...you need to positioned your earnings the route of even with has the utmost pastime cost. do no longer ignore that maximum second motgages have a balloon price on the end, frequently after 10 or 15 years, so all you're quite paying at present's pastime and by no skill concept. also, with it being a variable cost, and with charges no longer quite reducing, its even extra significant to pay down your second loan. good luck!
2016-11-25 00:12:54 · answer #6 · answered by belous 4 · 0⤊ 0⤋
i have a good friend that got divorced and could not afford the home she was in. so she rented out the home and moved into a duplex and rented the other half the combined income made her housing expenses almost nothing. now she sold the duplex and bought another home and is still doing great.
or you could try a short sale but that is bad on your credit.
2006-12-08 15:55:55 · answer #7 · answered by blackrealty 3 · 0⤊ 0⤋
Maybe your wife's name not being on the home is the reason she left you. Usually a wife's name is on the home....if she is thought enough of... to be a equal partner. Sounds like maybe she is lucky her name isn't on the mortgage.
2006-12-08 15:46:35 · answer #8 · answered by Anonymous · 0⤊ 2⤋