My house is in forecloser and we are suppose to call them tommrow and ask about how much money we are suppose to pay them to get it out. The only thing is If we do get the house out of forecloser we might not be able to afford being able to keep the house later this year.
My husband goes on seasonal layoff each year and we always have really bad bill problems around this time. Also our light bill went from being 200$ to almost 400$ and when my husband actually works a full mth he only brings in 1.4k per mth maybe less.
We are talking about just letting the house go back to the bank and moving in with my mom who is planing to move from her house some time this year to an apartment because she doesn't like living out in the country.
The only thing is..Do you think we are doing the right thing? I have lived in this house going on 4yrs and that's alot of memories to deal with...
Do you think We are doing the right thing about trying to get out of this debt and starting fresh?
2007-02-11 08:15:02 · 6 answers · asked by Roe 2 in Business & Finance ➔ Renting & Real Estate
Our credit doesn't really matter and my husbands job is a good one. He brings in 1.4k a mth it's only about 3mths is when he works only a few weeks.
The reason our credit doesn't matter for is because we already have bad credit as is because we are trying to file bankruptcy.
2007-02-11 08:29:05 · update #1
Wow it seems you have a real out look of theee hole you are in. Sorry to hear about your hard time but there are many in th4e same boat as you guys.
Since your credit is in the crapper knowing when to cut bait and run is a good thing.
Save your money you need it pay off your other bills.
Do a home inspection when your are moving out your stuff sure would be a shame if there was a wiring problem it burnt down.
If it does not rent out you home the last week to some homeless people for cash and let you bank deal with them, they love you for that.
Then declare bankruptcy.
Best of luck
2007-02-11 10:45:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I am a loan officer these are my answers.
Im sure you have a knot in your stomach right now and im sorry this has been a tough couple of years.
If you have equity you may be able to either refinance and get cash out to help with the bills. You may have to get what is called a hard money loan it is costly but may save your house.
If you let the house go you will have some nasty stuff on your credit. You will no longer have the ability to wright off the interest for taxes and you will be giving up on the best investment of your life. I know it does not feel that way now but in a few short years you may have a ton of equity.
If you can get a loan it may be best to get current save your credit, rent the house out for now, move home with mom for a bit (what family is for) get ahead in a bit and move back in later.
If you walk away you may be left with an ugly collection on your credit that will have to be paid before you can get a new mortgage in the future.
On the other hand if you do not end up owing if it is a wash if you have a good credit history in two years the banks will make you a loan again. The trick is to mannage your credit the best you can.
In any case make the best decision you can but make a decision you will feel better when it is made. Not making a decision is like cancer and it will eat at you untill something is done.
You are not alone I speak to about 3 people a day in your situation, just because you have had some bad financial luck does not mean you are a bad person / family. What matters is your family your relationship you have each other thats what we are all here for thats what matters.
Take a deep breath and realize this is not life and death. The memories in that house were with your friends and family not the sticks and paint on the walls.
If you want to talk e mail me renzbenton@yahoo.com ill try and help you best I can.
Renz
2007-02-11 16:39:07 · answer #2 · answered by renzbenton 3 · 0⤊ 0⤋
You should keep your house from foreclosing if you possibly can, even if that means you turn right around and sell it yourselves. If you foreclose, your credit will be seriously messed up for at least 7 years--no matter what you do for the next 7 years. So it will be hard for you to get another house, an apartment, a credit card, and even a job (some employers check credit reports as part of the hiring process).
I would get the house out of foreclosure, sell it, and move into your moms house for awhile while you save some money. You need to get a job if you don't have one already, and your husband needs to get another job to fill the gap when he's on "seasonal layoff." Sounds like he should be getting a better job anyway if he only makes $1400/month for part of the year.
I would make it a priority to raise your income producing abilities, with training, education, or whatever it takes.
2007-02-11 16:23:25 · answer #3 · answered by lizzgeorge 4 · 0⤊ 0⤋
If you can afford the payment now to keep the house and think you'll run into trouble in a few months, pay the bank now and put your house on the market. You don't want a forclosure on your credit report, try your hardest to avoid it.
2007-02-11 16:35:30 · answer #4 · answered by Χαλαρά 7 · 0⤊ 0⤋
Try saving it...have your mom sell her house and ask if you can borrow some money. Keep it, and your memories, alive.
2007-02-11 16:22:16 · answer #5 · answered by Johnny A 5 · 0⤊ 0⤋
Check this site out! You will find a lot of usefull information!
http://mortgage-loan.50webs.com
Hope it helps ..i use it all the time i need something in the real estate bussiness!
2007-02-11 16:33:47 · answer #6 · answered by rol3y2104 1 · 0⤊ 1⤋