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 14:45:02 · 11 answers · asked by don k 1 in Business & Finance ➔ Personal Finance
first of all, who valued your house at 190000? If your going by tax appraisals, that way off. Most tax appraisals only use a portion of the actual value for their assessments.
secondly, how did the house end up in your name alone? You were/are married and the responsibility should be on both of you, unless this is part of your divorce settlement.
now, if your house value really is 190000, and it really is only your responsibility, you're pretty much screwed as far as selling it goes. Best guess would be a couple of roomates.
2006-12-08 14:50:34 · answer #1 · answered by a heart so big 6 · 0⤊ 0⤋
First of all check out the divorce laws in your state. In WI its a fifty /fifty deal. Everything is split down the middle whether the house is in just your name or just your spouses.
Another thing, dont go thru a realtor. That will cost you bucks.
Put your own price on your house and you will most likely get a buyer who will give you what you want. Advertise on the net if you have to especially in places where you know the people have money.
We were told that we could only get a certain amount for our home. We didnt listen to the realtors and we sold it for 30,000 more than the realtors were going to ask.
You would also be amazed at what a little paint will do for a home. Painting rooms off-white will make the house look bigger. Adding a few shrubs in the yard. What do you have to loose.
You could also sell the house at a loss and claim the loss on your taxes, or sue your ex for the loss because of dessertion, or abandonment. Check out your legal possibilities online with the state statutes in your area.
There are also tons of lawyers who will give you a free consultation, or some that will cost you 10 dollars for the first hour. A lot of these guys give pretty good advice on what do do in situations such as yours. Keep calling them till you get some answers.
You could also try renting it out on a land contract, but get a lawyer to help with the paperwork. Realtors just cost you a lot of money for something you can do on your own, if you read.
But , if you choose to stay with a realtor, then find one that will sell your house for the price you want. If you cant pay the full mortgage on the house, write the mortgage company a letter stating this and send whatever you can send. This makes it pretty hard for them to forclose on your home. If it did get as far as a forclosure, show up for court and explain to the judge, youll be surprised, especially if youd made an effort and explain your situation how the judge will rule.
There are many ways to get around all of this you just have to do some reseaching on your own.
Good Luck to you and sorry about your wife leaving you in such a mess.
Dee
2006-12-08 14:57:34 · answer #2 · answered by dee 3 · 0⤊ 0⤋
If the linked fee of the domicile has extra beneficial, fairly whether the hire would not conceal the loan, its nevertheless a solid investment. we could face it, its no longer likely that the domicile fee is going to flow down, so i could save carry of it. Who is conscious, in yet another 3 hundred and sixty 5 days it could have long gone up lower back! Why do no longer you place the hire up? fairly in case you provide adequate notice then you've got the skill to try this?
2016-12-30 04:19:21 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Get a room mate or two. Figure out what you can pay and see if you feel you could charge the difference as rent. I would much rather live in a nice home than an apartment.
2006-12-08 14:55:44 · answer #4 · answered by thrill88 6 · 0⤊ 0⤋
Tough situation, but in the long run, payments on the $15K would be better than on the $205K....check with another mortgage company for advice, they may want your business.
2006-12-08 15:24:56 · answer #5 · answered by Spy Girl 4 · 0⤊ 0⤋
Gee, reminds me of the 90's when the housing market went down.I wonder if the same people that hyped the market will be there for you now the market is going down?
2006-12-08 17:33:22 · answer #6 · answered by Grandpa Shark 7 · 0⤊ 0⤋
Sell the house. If you put a little sweat equity in it, paint and spackle and fix the little things wrong with it, you'll get more money out of it.
2006-12-11 05:05:47 · answer #7 · answered by Steve R 6 · 0⤊ 0⤋
I buy properties which can appreciate in long term please send all details i will try and help you
2006-12-08 21:31:37 · answer #8 · answered by Anonymous · 0⤊ 0⤋
where is this house, I could probably give you $175,000 for it
2006-12-08 14:53:24 · answer #9 · answered by MrWiz 4 · 0⤊ 0⤋
Walk away from it...
2006-12-08 14:52:18 · answer #10 · answered by Anonymous · 0⤊ 0⤋