This house has already drained our finances and lowered our credit score by a hundred points, not to mention that by trying to keep up on the payments on it, we almost got our home foreclosed on. We have four children also that we need to be able to take care of. and we have also had the house on the market for over a year and we have lowered the asking price by 10,000 lower than we owe already.
2007-03-07 05:24:32 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
This house has already drained our finances and lowered our credit score by a hundred points, not to mention that by trying to keep up on the payments on it, we almost got our home foreclosed on. We have four children also that we need to be able to take care of. and we have also had the house on the market for over a year and we have lowered the asking price by 10,000 lower than we owe already. We thought about renting but we do not have the money to fix it up to get it move in ready and because of the type of loan would have to ask to much in rent.
2007-03-07 05:52:43 · update #1
We have received a summons for foreclosure today and have changed realtors twice. But this is not the house that my family live in presently
2007-03-07 06:25:00 · update #2
if you're below the payoff line, you may as well stay and get another RE broker with creative financing abilities.
after the costs & fees, you can't transferr title anyway, raise the price to cover the cost of the broker, ads should read 'take over pymts' etc and get creative.
work with your baank and do a rent back....
i realize you're to far gone, but there is always a way out even if its a 'walk out'
homes taken back by the banks cannot be taken out of your hide because the collatrol is in the home not in you.
your at the btm, try anything that will work for you.
just keep eating, taking care of the kids and don't sweat the pmts.
all that can happen now is a levy on the bldg and sheriffs eviction.
if you're working seek out alternatives like renting etc...don't wait til the last second.
bankruptsy is not the ans, because you still have the house, still have to make the pmts and keep everything else in good order.
real estate goes up & down, you may be living outside your means.
run your own ads to just simply take over pmts and your loan formally.
2007-03-07 06:05:55 · answer #1 · answered by ticketoride04 5 · 0⤊ 0⤋
Giving it back under foreclosure won't hurt your credit as badly as bankruptcy; but it's not much of a choice. Call the bank and ask them what you will lose by foreclosing and perhaps you'll be able to adjust the asking price.
2007-03-07 05:27:25 · answer #2 · answered by wizjp 7 · 0⤊ 0⤋
Unfortunatly there isn't much you can do in this market! It sucks you are already asking under what you owe! You might talk to few mortgage brokers to see what they have to say. I have to say getting a new agent has nothing to do with it so I wouldn't waste your time with that. It's just the market! It's too bad you hadn't sold about a year to two years ago.. you would have been better off!
2007-03-07 05:32:09 · answer #3 · answered by Christina 3 · 0⤊ 0⤋
Go with the foreclosure first. Maybe there won't be a deficiency. If you need to file bankruptcy, do it later.
2007-03-07 11:47:08 · answer #4 · answered by DLeibowitz 5 · 0⤊ 0⤋
1 get a good realtor
2 get a fair market comp.
3Try renting until it sells.
2007-03-07 05:28:28 · answer #5 · answered by gilly 2 · 1⤊ 0⤋
You need a new real estate agent.
2007-03-07 05:27:22 · answer #6 · answered by smartypants909 7 · 0⤊ 0⤋