Two years ago we got a mortgage on our first home in Texas. But, my husband maybe transfered to Louisiana or another state. What can we do about the house that we just moved into and got a mortgage for? What is the best option so, we do not lose good standing with our mortgage company?
2007-09-30 07:24:39 · 4 answers · asked by stanford66 2 in Business & Finance ➔ Renting & Real Estate
If you haven't yet, refinance the house to get a low interest rate. See if you can rent the house out for the cost of the mortage, taxes, insurance, and cost of a property managment company (about 10% of monthly rent.)
If there is enough cash to let the property pay itself, keep it and you'll own your first piece of income property!
If not it seems you'll have to sell the house, probably at a loss to clean up your debt.
Try to make the rental work, good luck!
2007-09-30 09:26:44 · answer #1 · answered by Mr W 1 · 0⤊ 0⤋
When you think about your housing in the next state-think about the life possibilities that might occur. If you are in the position of perhaps having to move around within 5 years of a purchase the REALTOR and the Lender need to know that to give you the best advice!
If you are in the position to lease out the property, you could try that. Ask the REALTOR who helped you buy the house if they can help you by managing the property. They will ask for anywhere from 1/2 months rent to 10% of the annual amount as a fee it is negotiable.
If the company will help with the move-perhaps they will help with the downpayment on the next home as a part of the move-this used to be common, it is less so now.
Best of luck on the move!
2007-09-30 08:25:57 · answer #2 · answered by helprhome 5 · 0⤊ 0⤋
Plan for the worst and Pray for the best.
SAVE Money cut ur living expenses to minimum SAVE money. u'll need it . get 2nd jobs both of u. should the move not come u'll be ahead of game. if it comes u'll
not so shafted.
u and he will have sit down and seriously look at this move and consider if a job change is needed.
the housing market may make u a long distance landlord and that isn't all that.
visit daveramsey.com to learn more options.
2007-09-30 08:37:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
He doesn't have to keep the job and they may offer moving assistance.
Some companies will pay to sell the old house and buy the new one as well as paying a moving company.
Moving from state to state may be too expensive if they don't help, you will need to change jobs too and may not find one as good. Consider turning it down and having him change companies if his won't pay to move you.
2007-09-30 07:29:30 · answer #4 · answered by shipwreck 7 · 0⤊ 0⤋