My husband and I were stationed at Ft. Riley, KS. We bought a townhouse. Now, he is in Iraq, and I am pregnant. We thought it best for me to move back near both our parents in Indiana. We bought a house in Indiana thinking our Kansas house would sell right away. It hasn't. Is there any kind of relief I can get on the mortgages because of this situation?
2007-10-06 15:20:55 · 5 answers · asked by Counselor 3 in Business & Finance ➔ Renting & Real Estate
Banks do not want to take back houses. It is very bad business for them. They will bend over backwards to help you. Give them a call or go in to talk with them in person.
2007-10-06 15:54:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Contact a realtor in Kansas and have them arrange to rent out the home there. If you need to clean it out, there are actually individuals who will do this for you (for a price of course). I would definitely use a Realtor and require background and credit checks(as a protection). The major problem with this is you will be an out-of-state landlord, and do you really want to get a call in the middle of the night that the heat is out?
If this seems like too much to do right now, head to your local bank and see if you can consolidate the two mortgages into one monthly payment. Why pay two interest amounts? You have equity, so my guess is you will not have a difficult time doing this.
Make plans for where you want to settle down. The housing market has plummeted and houses just are not selling. You may have to come down in your price to sell.
Good Luck
2007-10-06 22:36:59 · answer #2 · answered by Seablanco1 6 · 0⤊ 0⤋
I hesitate to advise you on this one because all business is risky. You could rent out the place you are not using but I would be careful who you rented too! This would help you on the long term until your hubby returns. Your lease could run with the option of taking the house and severing the lease on your husbands return. You would need this all in writing and done by professionals to protect you legally. I hope that helps.
2007-10-06 22:29:38 · answer #3 · answered by Wayne W 2 · 0⤊ 0⤋
A friend of mine just did this and did what he called a "Bridge loan" on their old house. The way he explained it was the bridge loan provides a very low payment for 12 months or so while the old house is attempting to be sold. Look into it.
2007-10-06 22:27:47 · answer #4 · answered by Gary S 2 · 0⤊ 0⤋
Rent the one in Kansas ,
List it for rent at the base .
But won't he be returning to Kansas ?
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2007-10-06 22:25:54 · answer #5 · answered by kate 7 · 1⤊ 0⤋