For example, USA Housebuyers or Fast Cash for Homes? We bought a house with 100% financing and now my husband lost his job. The mortgage is too big to handle on one income and we don't want to wreck our credit with a foreclosure or late payments. We have no equity and just want to sell for what we owe. We can't rent it out for what the mortgage payment is. The market is too slow right now and we can't/don't want to wait to sell through a realtor. Thanks!
2006-12-10 05:04:54 · 2 answers · asked by teddi 2 in Business & Finance ➔ Renting & Real Estate
Most of those places will buy your home for well below market so that they can make a profit on the resale end. If your mortgage is too big to allow any wiggle room, they won't work for you.
Even if you can't rent it out for the mortgage payment, you might be able to rent it out for enough that you can make up the shortfall if you can find a cheap rental for yourself. Don't forget the tax advantages of renting out real estate.
Check with a real property management firm and get a market analysis. You may actually be in better shape than you think you are.
Good luck!
2006-12-10 05:37:56 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
UGLYHouses.com or Forclosures.com
2006-12-10 05:14:13 · answer #2 · answered by ann t 1 · 0⤊ 0⤋