Okay, my mom is not getting a job here (Atlanta), and she would like to move to Connecticut, only thing is: she wants to get rid of the house without messing up her credit or my brother's (he's on the papers too, like a co-owner or whatever) if the house goes into foreclourse. She doesn't want that to happen, so is there anyway, anyway at all she can get rid of the house (besides just selling it), without it going into forclourse? Any answers is will appreciated!!
2007-09-22 10:54:55 · 10 answers · asked by ? 2 in Business & Finance ➔ Renting & Real Estate
Yes, it's probably worth less than what she paid for it because of the housing market slump.
And is there anyway the bank will take less...that's what I mean by any other way to get rid of it. Anyway BUT to sell it because it's hard selling a house now adays.
2007-09-22 11:30:56 · update #1
I presume since you don't want to sell it, that means it's now worth less than what's owed. Is that the case?
If so, your Mom may be able to work out a deal with the lender to sell it, and make payments for the difference to the lender to pay off the loan.
If the house is worth more, there is no problem, sell the thing, pay off the loan, take the extra money and run.
2007-09-22 11:05:14 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
It sounds like the only option you have with your current living situation is to move to a small place with your fiancee and two children and do as best you can for the time being until you can afford a house. A house is expensive and an apartment can hinder your saving but you can put off a house for another year if it means getting out of a toxic environment with the family and bringing up your children in a stable, safe and loving environment.
2016-05-21 01:27:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Contact the lender and make arrangement for a "short sale". You still have to put it on the market for sale but the word "short sale" may attract some bargain hunters to bid for the house. The lender decides if the offer(s) is acceptable. If the lender accepts the offer, the deal can go through and there won't be foreclosure.
2007-09-22 11:43:08 · answer #3 · answered by Phil 3 · 1⤊ 0⤋
Sell it or pay off the loan entirely. Foreclosure should be the very last option for any owner. You might want to talk to a foreclosure expert, as they could give you good advise. Bottom line, house isn't kept up to date on loan payments both your mom and your brother will drastically mess up their credit.
2007-09-22 11:06:21 · answer #4 · answered by Kat 2 · 0⤊ 0⤋
there is a chapter 13 bankruptcy that allows you to regaincontro;l of your finances and pay just the arrears patyyments and might allow you time to sell and bail out . But if you are already in a forclosure then the credit is alreadty ruined.. All it takes is several late payments and the credit is not good .
2007-09-22 11:05:46 · answer #5 · answered by Moondog2277 3 · 0⤊ 0⤋
Why would you want a solution "besides selling it"? That is THE way to get rid of a house. You sell it.
2007-09-22 11:02:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I am not trying to be rude, but what other way do you get out of a house other that selling it?
2007-09-22 11:04:01 · answer #7 · answered by Brina 2 · 1⤊ 0⤋
If your brother is a co-owner, and have good credit , he can buy the house from her.But make sure you get a good lawyer.
2007-09-26 09:20:43 · answer #8 · answered by sandy j 1 · 0⤊ 0⤋
Uh, no.
You either have to pay for it or sell it.
There is no other option. If you don't pay for it or sell it, the bank will come and TAKE IT BACK.
2007-09-22 12:05:09 · answer #9 · answered by Expert8675309 7 · 0⤊ 0⤋
Tell her to contact me. I'm in Atlanta.
2007-09-26 11:02:54 · answer #10 · answered by rochelletherealtor 2 · 0⤊ 0⤋