My husband and I are struggling with our bills, I hate my job - it is starting to come home at night with me. I cannot afford to quit. My husband & I thought we should move out of state closer to his family (not mine) were the cost of living is much cheaper. We have no savings & we are behind on our house payments by 2 months. He feels we should just spend our paychecks this week get a truck & move. I feel like that will solve nothing - just moving the problems. I think we should stick with it and try to get what little profit we will make from the sale then move. Is there a point to moving if the goal is starting over and we have nothing to start over with??
2007-09-20 08:46:20 · 10 answers · asked by ? 3 in Business & Finance ➔ Renting & Real Estate
If you're only two months behind, you could still take steps to save your house if you like. If you just simply pack and leave, your bank can still sell the house for foreclosure, likely for much less than what you still owe on your home loan, and you would still be legally responsible for paying any remaining difference. So in that sense yes, you would just be moving the problems.
Also, with the recent market woes, even if you stayed, there is no guarantee that you would make any profit whatsoever from the sale...or even that your house will sell at all. It could be several more months or a year before anyone would consider buying it, during which time you would only fall further behind on your payments.
It might, therefore, be in your best interest to first call your lender to see if you can work out another deal, and if not, consider filing for bankruptcy. I would talk to a lawyer to discuss your options.
Check this link for more details:
http://www.bankrate.com/brm/news/bankruptcy/20061226_foreclosure_dos_donts_a1.asp?prodtype=mtg
2007-09-20 08:59:35 · answer #1 · answered by Vangorn2000 6 · 0⤊ 0⤋
At this site you can solve your problem really fast: FINANCE-SOLUTIONS.INFO-
RE Should I stay in my home while I try to sell it or move out while it is on the market?
My husband and I are struggling with our bills, I hate my job - it is starting to come home at night with me. I cannot afford to quit. My husband & I thought we should move out of state closer to his family (not mine) were the cost of living is much cheaper. We have no savings & we are behind on our house payments by 2 months. He feels we should just spend our paychecks this week get a truck & move. I feel like that will solve nothing - just moving the problems. I think we should stick with it and try to get what little profit we will make from the sale then move. Is there a point to moving if the goal is starting over and we have nothing to start over with??
2014-10-15 05:12:00 · answer #2 · answered by Blanche 1 · 0⤊ 0⤋
You are then roughly about 30 days from foreclosure starting, and it will start whether you are there or not. your house will not sell in 30 days, and if you financed 100% will probably sell for less than you owe on it. A foreclosure will ruin your credit not only making harder to purchase a new home, or rent an apartment, but many good employers check your credit rating prior to hiring thus making it harder to get a decent job. Best thing to do is to one contact your mortgage lender and see if something can be worked out. Two contact FHA who has a program for helping those trapped in an ARM that has placed the mortgage payments beyond reach. (Note you will have had to have been on time with payments prior to the ARM readjustment) If you go into foreclosure one of two things will happen. You will either have a judgment filed against you for the difference of what the home was sold for plus attorney, court fees etc. Or if they write it off they will send you a 1099 which is an income statement of which you will be taxed by the IRS , state and local (at the total bonus rate of approximately 36%) and the IRS has no qualms about garnishing your wages, tax returns etc. plus penalties and interest. In effect by running away you will in worse shape than you are now. That is the worst of your three options
2007-09-20 10:12:58 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
As hard as it is to keep your heads, that is exactly what you need to do. I certainly understand your husband's feeling of "flight" but the issues will only follow and sometimes could become worse. Stay and fight. If you are only 2 months behind, please call your lender today and see if they will work with you. Also, call this counseling firm approved by HUD to help folks during this crisis 888-995-HELP. If you feel your mortgage was part of a scam, call the FTC at 877-FTC-HELP. Please, please, please ask for help. Don't walk away now when the Federal Government is willing to pressure your lender to work with you. If you can get some relief from your lender, then begin looking for another job. A little something, is better than nothing and still owing on top of it.
I too share your feelings. We are now working on what money we saved for retirement. We've been in this business for 20 years and have spent the last three years trying to keep our heads above water.
2007-09-20 08:53:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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2016-11-05 23:30:07 · answer #5 · answered by pedrosa 4 · 0⤊ 0⤋
you can't gaurantee that your home will sell quickly, so getting up and moving will make matters worse. stay in your home until you can get it sold, and I hope you all can prevent foreclosure and /or default until that happens. Once you get a contract on your home you guys can look into getting a "bridge" loan from a lender so that you may purchase a new home before your current home is sold (but make sure there is a contract on it so that you won't get left paying 2 house payments if your sale doesn't go thru.)
2007-09-20 08:51:53 · answer #6 · answered by Carmen W 2 · 0⤊ 0⤋
Jobs aren't so easy to find EITHER---and right now is a BAD time to sell a house....the market is FLOODED----I'd stick it out where you are right now and pay your bills--ESPECIALLY the house payments because they could come ANY DAY NOW and FORCLOSE on you..... at least now you have jobs and a place to live---MOVE and you might have NOTHING.....
2007-09-20 08:53:17 · answer #7 · answered by LittleBarb 7 · 0⤊ 0⤋
You can stay there but you should take as many personal effects as you can out and put them in storage. Basically strip it down to the bare necessities so the purchaser can see all walls, carpets, everything but leave enough that you guys aren't sitting on boxes.
2007-09-20 08:52:40 · answer #8 · answered by Pat 5 · 0⤊ 0⤋
Ya you can I helped my dad with a remodel of a women's house. you just have to keep it clean and and find storage for all of the stuff that might clutter up the house.
2007-09-20 08:53:56 · answer #9 · answered by ben t 3 · 0⤊ 0⤋
Ask yourselves "How many times do I/we want to move?"
2007-09-20 08:51:36 · answer #10 · answered by THE Cupid HATER 7 · 0⤊ 0⤋