Well my house is in pre foreclosure. I have a 570 score now. We are currently showing 2 months past due on my $2500 a month payment. The houseing market isn't moving in FL. Our Sales date its set for Dec 27th (Great) Merry xmas. We want to look at renting a home. If we hang tight in this house for a month or so i can save some money to put down 1st and last plus Deposit. Hope my score doesn't drop much more. I make good enough money to handle a 1200 - 1600 payment. So any advise as to what to expect from the rental market. Rentals everywhere due to home sales not happening. My house has been on the market for 2 months not 1 inquire.
2007-09-21 05:29:34 · 3 answers · asked by jscott1026 1 in Business & Finance ➔ Credit
A little more info. I lost my job of 7 yrs as a finance manager for a big dealership after the company sold. Went through savings in 5 months while looking for a new gig. Got upto 120 days past due. Sent the bank $4k in January and been sending them 2500 - 2800 every month since. I just cant get caught up. The stress of the whole thing is taking it toll on my and my family. My blood pressure is 160/100 and i am 28. My wife and i have been at eachothre throat and i am working myself to the bone at my new job, which pays pretty good but i am tired and whore out! Can i rent for a few years and save some $$$ and get a house when the market corrects itself?
2007-09-21 06:05:27 · update #1
Dam Sub Prime loans.
2007-09-21 05:38:37 · answer #1 · answered by yanks006 3 · 0⤊ 0⤋
With the number of foreclosures, you may be able to stay in that house a lot longer than you think. You could stay there till served eviction papers. But I would still start cleaning out closets and packing up.
The mortgage company may even be willing to rent the house to you. Florida is one of the areas hardest hit with the bubble burst and there are going to be lots of vacant, foreclosed homes.
2007-09-21 05:54:08 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
The gov't has a payment assistant plan in effect through the FDA. but your FICO score is low, if that is due to predatory lending techniques you may be able to re-finance at a low rate and cut that payment in half, check it out NOW
2007-09-21 05:43:52 · answer #3 · answered by frank 5 · 0⤊ 0⤋