2007-09-27 01:22:42 · 7 answers · asked by Heather S 1 in Business & Finance ➔ Renting & Real Estate
In order of preference:
1. Stay put. Don't sell until the market recovers
2. Short sale.
3. Walk away and let it go to foreclosure.
2007-09-27 01:51:40 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
1. Contact the lenders and ask for advice. Communication is the key prior to getting behind. Unfortunately the majority of homeowners never contact their lenders to ask for help.
2. Wait out the current market cylcle, if you can afford to carry both morgages.
3. Sell the home with the most equity, if any.
4. Refinance
5. Contact HouseBuyerNetwork.com to see if they have a quick sale agent in your area with a buyback guarantee. There is no fee for their service to you. They may also have an investor in your area who could negotiate a short sale with one of the lenders.
Good Luck!
2007-09-27 03:17:56 · answer #2 · answered by Christiane 3 · 0⤊ 0⤋
Heather you need to advise the lenders of the situation you are in. Maybe there is a program they can offer to help you. If you have PMI on the loans, you could ask it to pay the balance thru your lender.
The only way to come out of this without a hit on your credit score/history is to pay the difference at closing. All other alternatives will impact your credit; deed in lieu of foreclosure, lenders files 1099 form to IRS for difference, or you let them foreclose. I'm so sorry you are going through this. Best Wishes
2007-09-27 01:50:35 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
Will the insurance cover both? Pray for it to be struck by lightning and burn to the ground.
Otherwise, you need to sell something else, or use your savings to pay the deficiency.
Perhaps you can start a part-time business that pays well. For instance, it should be easy to find customers in this market, if you were to become an arsonist....
2007-09-27 01:28:29 · answer #4 · answered by Anonymous · 0⤊ 1⤋
start a small biz inside the house
and after 6 mo to 1 yr, raise the price of the home to include 3x the net profits of the biz.
2007-09-30 18:48:02 · answer #5 · answered by kemperk 7 · 0⤊ 0⤋
You either need to sell it and take the loss or sit tight and wait for the property to appreciate.
2007-09-27 03:16:50 · answer #6 · answered by bpl 5 · 1⤊ 0⤋
Contact both lenders, and ask if you can work out a way to convert one of the loans to a signature loan.
2007-09-27 01:28:18 · answer #7 · answered by Ralfcoder 7 · 0⤊ 2⤋