Please help me figure out what to do... I bought a house 1 year 7 months ago. Im having soo many problems with it my insurance wont pay and I have no money to make repairs. Would it be smart to stop paying on my house? I feel like just giveing up Im only 23 years old I cant handel the stress!!! My parents say come back home and save some money and get a apartment but what should i do? I tryed getting a loan DENIED!! I have tryed everything. please help me.
2007-07-07 16:56:58 · 11 answers · asked by free taco 1 in Business & Finance ➔ Renting & Real Estate
O.K. is the repair problems, problems you knew about when you bought the home?
Are they problems you should have known about?
Did you use an agent?
IF THEY WERE veiled, you may have recourse against the former owner, and or the agent you used to purchased the home from.
IF THEY WERE accidents and your insurance company is denying the claim unrightfully call the Insurance Commission with your state Department of Commerce.
DO NOT ABANDON THE HOME!
ASK you parents, family, friends, co-workers, even church associations to come help you get on top of this.
2007-07-07 17:36:57 · answer #1 · answered by Willems_grandpa 3 · 0⤊ 0⤋
Sometimes it is so easy to get in a house but not realize the cost of keeping the house up. And it sounds like you got a lemon. You have stated your solution. If you can't fix it, then you need to sell it and you will probably get cleaned because if it's in a state of disrepair, the price plummets. You may not get enough to pay your loan. The other solution is learn how to repair it yourself. At one point, I went into real estate or at least got my license and bought the Time Life series on home repairs. I intended to buy house and fix them up. I learned a lot from the books and from friends and now can fix many, many things. It is so much cheaper to fix things yourself but you still have to have $ for tools and parts and some ability. Or you can get a second job for awhile. It's hard to do but your investment in your house will pay off for you in the long run. Don't just walk out. If you decide you have to get out, see if you can get some equity out of the house by selling it before you lose it. Check out what you can to see who will offer the most for it. Some loans are assumable so that someone else can walk in and take over your loan so your credit doesn't get fried. They can offer you $ for some of your equity. Check out everything you can. Where all these things bad when you bought the house and none of it disclosed to you. You may have recourse against the realtor and the seller. In this state there is no such thing as As Is regardless of what people try to tell you. Did something happen that the insurance denied? Your insurance agent is not your friend. He works for the company. Sometimes you gotta push. Whatever happens, real estate is an excellent way to work toward your future. Try again but with a nest egg and a little more handyman knowledge. You have the right idea.
2007-07-07 20:12:57 · answer #2 · answered by towanda 7 · 0⤊ 0⤋
If there is any chance you can sell it and either break even or make a little money than you must do that. Don't give up!
Stop making payments and letting it foreclose would haunt your credit for at least 7 years. So everytime you want to buy a car. buy another house, buy furniture on credit or even apply for a good job it will haunt you.
The only time you should stop making payments on your house is if you have no income and absolutely no way to make the payments. Then you have no choice.
SO sell it youself, but if you are stressed it might be better to get a real estate agent to market it for you.
2007-07-07 17:07:22 · answer #3 · answered by rlloydevans 4 · 0⤊ 0⤋
There are few things . 1st of all If you are able to pay the mortgage and if you do not want to ove back home.
Play the mortgage.. As time goes on just fix what you can.take your time and don't let it overwhelm you .
If you are unable to play the house payment. Call the place you got the loan from and tell them of your problems .If they are not willing to help you . You will have to lose the house. I see you can't get another loan for repairs. But pay the note and it will get better. My thoughts are with you as you struggle. take care
2007-07-07 17:10:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Do not quit making payments as it will ruin you credit. Sell it for as much as you can get. Pay the loss (if there is one) while living at your parents to keep your credit. Credit may seem to be just a word but it can affect your life later.
2007-07-07 18:21:30 · answer #5 · answered by nashniki 4 · 0⤊ 0⤋
sell it and get out from under. Do not just stop paying on it, it will ruin your credit. Is getting roommates a possiblity to help with the expense?
2007-07-07 16:59:16 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Whatever you do, do not stop paying on it. A foreclosure is one of the worst things you can do to your credit. I like the idea of renting it out and moving home.
2007-07-07 17:08:50 · answer #7 · answered by Nina 4 · 0⤊ 0⤋
Let this be a learning experience for you. Take your parents' advice and move back home until you can afford an apartment.
2007-07-07 17:02:09 · answer #8 · answered by Ti 7 · 0⤊ 0⤋
Sell it! Sell it ! Sell it! If you do not have equity, then you can create it by selling it on a short sale. The bank will take less than what is owed if you can show that you truly have a financial hardship.
2007-07-07 17:08:02 · answer #9 · answered by ShacklesOff.com 3 · 1⤊ 0⤋
Hi ,
Move back home and rent the house. You should be able to
repair it from the rent that you get .
Rgds....................
2007-07-07 17:03:46 · answer #10 · answered by ? 5 · 0⤊ 0⤋