2007-03-02 08:35:12 · 3 answers · asked by decolores68 1 in Business & Finance ➔ Personal Finance
If there is equity in your home, try to hang on to it and put it on the market. Or have you thought of getting a roomate to help cover half of the bills. The other option is, maybe you can use it as a rental. It would be better than just losing it.
Good Luck.
2007-03-02 08:41:25 · answer #1 · answered by devilgal031948 4 · 0⤊ 0⤋
If the deal has not closed then just let it fall through and lose your earnest money. If you have purchased with both names on the loan you need to get the co-buyer to quit claim any interest to you - this won't get his/her name off the loan, but will get the deed into your name only. You could let the bank repo it -which they really do not want to do because they are in the business of lending, not selling home - so talk to them about other options. If you are upside down - the bank will be too and can't sell it for any more than you can. If you could break even then you could sell and take your woopen', lick your wounds and learn.
2007-03-02 09:29:49 · answer #2 · answered by justwondering 6 · 0⤊ 0⤋
You either take the loss in the down payment you made or wait until the market goes back up in about 6 months or more. It will, so I would wait if you can make the payment. You might find another investor to help or get a new mate!
2007-03-02 08:44:40 · answer #3 · answered by William W 1 · 0⤊ 0⤋