What can I do? Can I Refinance? Can I sell? What are my Options?
I was told owning your happy would make you happy. Guess what, I am not.
2007-07-12 08:57:55 · 6 answers · asked by Rudy F 1 in Business & Finance ➔ Renting & Real Estate
This is a tough situation and will depend heavily upon the details of your situation. If your credit is still good and you are not yet behind on your mortgage, then you can probably refinance the property. However, it is unlikely that you will be able to qualify for a much better deal than what you currently have and this does not solve your problem. You can try selling, but will probably have a tough time in this current real estate market since you bought the home with 100% financing, have only lived there 8 months and it is a buyer's market in most areas. You can try doing a short sale with your lenders to sell your home for under what is owed on the property. This will alleviate you from financial responsibility from the home and the lender will accept less than the full amount owed in turn for relieving you of your debt. This helps you the homeowner and them the lender to avoid foreclosure and the costs associated. Your last option and most highly unrecommended option is to let them foreclose on your home. This last option will destroy your credit and make life very tough on you to buy a car, rent a home, rent an apartment, try to buy another home down the road, etc... Best of luck to you.
PS: You can also consider getting a 2nd job, or stop paying on other debts such as credit cards and such and then file BK on those to give you a fresh start and help you to better afford your home.
2007-07-12 09:12:44 · answer #1 · answered by dzwreck 4 · 0⤊ 0⤋
In addition to looking at the refinance option, you might consult with your current lenders to see if they can offer you an "interest only" option for some period of time. I ran in to a cash flow problem about 6 years ago and the bank that held my second mortgage (80/20) to give me an interest only option for the first 10 years followed by higher pmts. later. Talk to your lenders and see what they can do...most banks/mortgage companies will work with you to avoid the time and hassle of foreclosure...but you have to work with them and then adhere to whatever agreement you make (even if it means getting a second job to make the payments).
You might also investigate bankruptcy...I'm no expert so I don't know if it is a solution to this problem, but you can get a free or low-cost legal consultation that would at least let you know what's possible.
...and if the problem is other debt, you might want to look for options to consolidate that debt and reduce your monthly payments.
2007-07-12 09:18:28 · answer #2 · answered by KAL 7 · 1⤊ 0⤋
the market drops in the fall/winter months so if you want to get out ahead put it on the market today with a nice aggressive price and hopefully you won't lose anything. if time passes you may have to refinance but that can get you into more trouble later and you still end up losing the house. the bank will start foreclosure after 3 months of non payment then you have to come up with all the money which is near impossible. you may be able to work with your bank to get a lower rate or something(depends on the bank) also you may have to get a second job to get yourself out from under the mess being house poor makes. i honstly wish you the best. if you really get stuck there are companies out there who will buy your/any house for whats call wholesale or flipping they find people who want to buy houses and they will sell to them for a finders fee(wholesale commission)
2007-07-12 09:21:16 · answer #3 · answered by amy-marie r 3 · 0⤊ 0⤋
I'm thinking that you need to sell. It sounds like you were not prepared for the responsibility that comes with homeownership.
Email me at rochelle.carter@metrobrokers.com with your name, phone number and area where you live and I can put you in contact with an agent who specializes in short sales. A short sale is a sale where the bank agrees to take less money in order to avoid foreclosure. It may save your credit.
One question: If you were able to put down 10%, why are you not able to make payments now? Have you lost your job? What expenses can you eliminate to make these payments work?
2007-07-15 14:43:58 · answer #4 · answered by rochelletherealtor 2 · 0⤊ 0⤋
no, that doesn't make experience =] wow, 8 months! u could think of that each and all the harry potter followers have study the deathly hallows via now top? i observed this woman at school who basically began some month and a 0.5 in the past and isn't any longer even comprehensive with the e book yet!! sheesh!
2016-11-09 03:38:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Seek professional licensed assistance. I would recommend that you start your research here
National Home Recovery Program for foreclosures http://www.nhrp.com/
I wish you the best don't give up you have many options available to you.
2007-07-12 09:09:29 · answer #6 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋