My hubby and I bought a 1b/1b condo in June of 06 and were planning on staying there for years. The market dropped and we got pregnant! As you can imagine, I don't want to be prego living on the third floor! Or raising twins in 840 square feet! Other condo's our size are going for 195,000, and we bought for 211,900 (yes, it was once a good deal). We can only afford to pay 10K toward paying off the loan, so we'll need a loan to pay off the rest. We will be buying the busineeses we run in the next few months, so income won't be a problem for the pay off, and we'll have to rent a house for awhile which will also save us some money. Is this smart? What about "walking away"? Does anyone know of any companies that would give us a loan in this situation for 10-15K? We are on a time crunch, so I don't want to offer the condo at 200+ because we want it to sell. Renting isn't an option because our mortgage is 1450/mth + HOA's 140. Renting could cost us about 700/mth. ANY ADVICE!!???
Ashley
2007-09-18 11:38:20 · 5 answers · asked by jaredandashley 1 in Business & Finance ➔ Renting & Real Estate
Actually the solution to your question is in between the options you are considering. Walking away is a terrible idea, it will destroy your credit, so don't do it. What you can do is sell your property short. Right now there are numerous attorneys and Real Estate agents specializing just in that. It doesn't cost you anything. What happens, they put your property on the market for whatever it is worth today and contact your lender and negotiate the short sale asking them to accept as payoff an amount lesser than the loan balance. See, if the lender sees that there is a danger of you defaulting, they would rather skip all the legal expenses of going through foreclosure etc. and get what they can. You are pregnant with twins, you can show that you are in hardship right now. Don't explain about purchasing a business. Anyway, they even pay realtor's commissions out of whatever they collect from sale. You may or may not get a negative mark on your credit in this case, but in all cases it will not be even close to how badly foreclosure looks like on your credit.
Just call any Real Estate agency and ask them if they can help with a short sale. If this works, you will get to just walk away without all the negative implications on your credit.
2007-09-18 11:59:51 · answer #1 · answered by Alexander K 3 · 0⤊ 0⤋
Yes, first calm down a bit. Deep breaths.
My grandma-in-law raised 4 children in less than 800 square feet, so it can be done. Children are remarkably resilient, they will not notice the tight quarters as infants or toddlers. You may want to consider keeping the condo until after the slump passes.
Next, don't walk away, foreclosure is not an option, so take that off the table. Anything you thought you were going to buy won't happen and no one will loan you money for anything.
With those things being said, talk to a Realtor about how much they can sell your condo for. SELL it, not list it.
There are lenders that will give you a personal loan for these situations if you have good credit and a lower debt to income ratio. Ask at your bank tomorrow.
Congratulations on your new family!
2007-09-18 12:17:00 · answer #2 · answered by godged 7 · 0⤊ 0⤋
Well, you could wait. OR, you could get an older dog-may one that is 2 or 3 from a rescue. A lab is usually a great choice, although they do have a bit of energy. A clumber spaniel or a cavalier king charles spaniel is a good choice also... we just got a 10 week black and tan coonhound and after about the first 4 days, he begand sleeping most of the way through the night, doesn't have scary amounts of energy (for a puppy) and is learning very quickly-so I would also recommend a black and tan! :) Good luck! EDIT: In terms of what John said about a dog feeling "alpha" over the new babies, that can happen if the babies aren't presented as leaders. This is done by not allowing the dog into the babies' room, not allowing the dog to come to the babies, but rather, creating a space that the babies own, and later on, maybe a week or so after the babies are home, the dog is allowed, only when YOU decide, to come and see the baby up close. But not the babies' faces (that is one of my biggest pet peeves)... Also, while on walks, by letting the babies be in strollers in FRONT of the dog, that is another way of showing the dog that the babies ARE alpha...
2016-05-17 23:29:37 · answer #3 · answered by ? 3 · 0⤊ 0⤋
You have a couple of options. All fo them have to be done very carefully.
1) If cash flow really isn't a problem, sell for what you can and get a personal loan for about $10,000 to pay off the remainder of the loan. If your credit is good and income in good shape then you might get one for 12%, but might go more. This would be only temporary so you would want to pay this off as soon as possible. I have done something like this a couple times in that past. it isn't a great solution but it is much better then just walking away.
2) Get with someone who will work with you and the bank to arrange a short sale. This is becomeing more popular now, as many people have been hit with the situation of buying a property near the top of the market and then finding prices have gone down to leave you in a bad situation. Be careful who you work with if you chose this route now. The Real estate"gurus" are flooding the world with seminars and ecourses on getting rich by investing in short sales, so lots of people who don't know what they are doing are trying to get people to do this. This is a complicated procedures, unforgiving of the inexperienced. If you want to consider this send me a private msg with what state your in and I can probably refer you to someone who does this ethically and right.
3) Consider offering you place on a Lease-option. People who can't buy will pay more a month for the chance to buy a property, and you can ask for a $5000 option payment as down, $1690/mo payment and a purchase price in the next 2 years of $215K or a bit more. It is a long shot, but if you get the right person you can make a little lemonade out of your lemon situation.
Feel free to send me a private msg if you have more questions.
Good luck
2007-09-18 12:09:35 · answer #4 · answered by rlloydevans 4 · 0⤊ 0⤋
My first bit of advice is to delete your name. Too many weirdos...
Coming from a parent, I can tell you things are not as dire as you might expect. Your new born children (congrats in advance!) won't care for a few years to come if they have their own room or not. Don't spend your savings on a premature move. Trust me, babies will cost you plenty down the road. Don't be in a hurry to squander it on a bigger better house.
We all understand that something bigger would be nice to have. But is it a necessity? In the end, you are asking how not to lose money in a declining market. The only answer is hold on to what you have. There is no magic answer.
I wish you the best of luck. Children are amazing.
P.S. A short sale looks just like a foreclosure to any future lender. Your credit will suffer terribly. I deal with this all the time.
2007-09-18 12:03:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋