My husband have been arguing about this for about 3 days now .
We are stuck in a bad situation with a choice to make. We are tring to buy a fixer upper. We have already moved in and we are paying rent untill we close. However our loan officer is now telling us that our monthly payment will be $400.00 more than we discussed. We have invested about $4000.00 into the property thus far that we will get back at closing. However we don't think the house is worth the addition money. Here are our choices we can either move say goodbye to our four grand and rent a bigger house in better shape for less or we can stay and pay the extra $400.00 a month. Which would you do?????
2007-01-23 06:36:00 · 11 answers · asked by DEBBY'S BABY 4 in Family & Relationships ➔ Marriage & Divorce
No house is worth that much hassle. You got screwed, but I wouldn't bother trying to fix it with an attorney.
Drop the house. If it's just the money you're worried about, forget it. 4,000 is nothing compared to the extra 400 a month. You will have saved that much in 10 mos.
And don't rent a bigger house either. Rent something smaller and make that sacrifice until you have enough to get into the house you want at the mortgage you want.
2007-01-23 10:42:15 · answer #1 · answered by DeanPonders 3 · 0⤊ 0⤋
Oh man....an extra $400 a month? What kind of interest rate are you getting? On a standard 30 year mortgage that's maybe $50,000 difference in price, and about $100K more you will pay over the life of the loan!
Why have you invested ANY money in this house before you bought it?
Your contract SHOULD have had a "contingent on satisfactory home inspection" clause. My wife and I had to get out of a house contract once over this.
You need to take your contract to an attorney NOW. FAST. There are short time limits on these things. Every day counts. GO. You might be on the hook to buy the house! You might be out your $4,000, or you might be able to get everything back and then sue the jerk for coughing this up.
I hope for the best for you. I fear you are young and fell into a trap easily because of your dreams of owning a house. My wife and I did years ago it was the biggest mistake we ever made.
DON'T BACK DOWN on this. I think that someone is taking advantage of your youth and inexperience. GO TO A LAWYER. Get out of this house.
2007-01-23 06:54:43 · answer #2 · answered by fucose_man 5 · 0⤊ 0⤋
Someone really messed up on your loan. Your best optoin is to work on lowering the note. Have you checked interest rates? You might need to get a different mortgage company. I'd suggest you get a newspaper (the business section) and start calling or web-searching mortgage rates.
Since you've put $4,000 into the house, it's best if you try to find a way to keep it.
If there's no way around it, no way to avoid the extra $4,000, then you may want to walk away. You don't want a house that's going to need repairs all the time. Next time, don't put any money into a house until after you close. Good luck!
2007-01-23 06:42:03 · answer #3 · answered by Faith 4 · 0⤊ 0⤋
I would forget about the $4,000.00. If the house is not worth the amount of money the bank will be asking, then you will be MISERABLE in it. Also, it will be a huge strain on your marriage and you two could possibly end up divorced. That house is really not worth it. My ex-husband and I purchased a house that needed fixing up. We thought we could do it, going in to the deal, but that changed. It turns out that my ex-husband was not the handyman type and grew tired of all the work that had to be
done. Since we had decided to stay in the house rather than selling it, I was the one who had to either do the work, or hire someone to do it....he punked out of his responsibilities. Hopefully, that won't happen to you, but it's better to be safe than sorry. Don't stay there if you can get out and go another house, believe me, it will be worth it to leave and start over in a better house. You two will be much happier. Talk seriously with your husband. This is a huge investment. Best of luck to you both.
2007-01-23 07:05:36 · answer #4 · answered by Sunshine 2 · 0⤊ 0⤋
pay the extra $400 a month for a while, Use the money you get back on closing to do some fixing up and then after about a year, refinance it at a better rate.
2007-01-23 06:42:34 · answer #5 · answered by flappymcp 4 · 0⤊ 0⤋
is there a way to get out of the contract and get your money back?? that should have never happened:( but if you stay fix it and live in it for 2yrs then sell -you get a tax break and pay no taxes -- talk to a realestate attorney
2007-01-23 07:03:52 · answer #6 · answered by gabby 5 · 0⤊ 0⤋
You ASKED THIS before and what you need DEAR, is a good real estate attorney, a good real estate agent, and an HONEST loan officer. Got it? Now quit asking the sam ething over and over again.
2007-01-23 06:44:47 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Never move into a house until you own it first. I guess you already know that now.
2007-01-23 06:43:33 · answer #8 · answered by shonnie 3 · 0⤊ 0⤋
Sounds to me like somebody is trying to scam you. Have you talked to your parents about this?
Call Suze Ormann.....She's awesome! She will give you great financial advice.
www.suzeorman.com
2007-01-23 06:47:21 · answer #9 · answered by Always Honest 3 · 0⤊ 0⤋
stick to your own house one day this will be your and you don't have to pay ( but you have not mention how much you have to pay more)
2007-01-23 06:43:00 · answer #10 · answered by killer 3 · 0⤊ 0⤋