We're getting a divorce, neither of us can afford the mortgage on our house on our own, but it's not selling. What do we do???
I we lower the price any more we'll end up owing money. If we foreclose, then we'll have bad credit. WHAT CAN WE DO??? We both just want a clean break.
2007-11-28 06:26:20 · 8 answers · asked by ELK 2 in Business & Finance ➔ Personal Finance
We pay around $2800 a month for 2bedroom in the bay area. House has been on the market since July 07.
2007-11-28 07:25:39 · update #1
is it possible for one of you to live in it with a roommate for now, or have you tried to be it up as a rental?
Or maybe it's a sign from God that you should stay together?
2007-11-28 06:34:40 · answer #1 · answered by jcturtle27 3 · 0⤊ 2⤋
Live together as roommates and take the house off of the market.
Can one of you move with relatives or a friend even temporarily.
Stay away from each other but try and hang on to the house.
My dad rented a room thru the university with students in a mansion on lake michigan. Divorsing parents.The Vice President Dawes Lived in the mansion across the street.
This place had a ballroom a wine cellar and the rooms the widow rented were the guest rooms.
Cheap and not shabby.
Can't we all get along.
2007-11-28 18:05:00 · answer #2 · answered by momonster 3 · 0⤊ 0⤋
You really are trapped between a rock in a hard place, with real estate being severly tilted toward the buyer sellers are being forced to be more and more aggressive in their sellign strategies. You very best chance is to reach every market you can. Sell your house online using multiple websites serving regions all over the country, get advice, for every seller there is one more dedicated, as soon as you become more dedicated then them the more people will look at your house. Take a GOOOOD long look at your houses innerds and make decisions on what might be more appealing based on yoru oppinion rather then someone elses. I hate going into someones house only to see wall to wall N*Sync wall paper.
2007-11-28 14:40:05 · answer #3 · answered by silencetheevil8 6 · 1⤊ 0⤋
If they foreclose they will sell the house cheap and come after you for the difference in what you owe and what the house sold for. So, wether you lower the price more or let the bank foreclose you are still gonna owe. Talk to your bank about a short sell.
2007-11-28 14:57:54 · answer #4 · answered by heybulldog 5 · 2⤊ 0⤋
Rent it or make a legal binding agreement for one of you to keep the house for a certain amount of time until the market changes. The person that stays is solely responsible for expenses so I would suggest a roommate
2007-11-28 14:34:18 · answer #5 · answered by KathyS 7 · 0⤊ 0⤋
are you working with a realtor or trying to sell it on your own? If you are trying to sell it on your own, then get a realtor to work with you--they can spend more time trying to sell the house for you. If you are already working with a realtor and the market is just plain bad where you are, then you may have to wait until spring to try selling again (spring and summer are good times to sell even in a bad market).
2007-11-28 14:39:08 · answer #6 · answered by Invisigoth 7 · 0⤊ 0⤋
Is it large enough to be comfortable with a roommate for a few months while you get it sold?
How is the rental market in your area?
2007-11-28 14:35:28 · answer #7 · answered by slinkies 6 · 0⤊ 0⤋
Just surrender it to the lending agency. You may have to pay the difference between what you owe and what they sell it for but they'll allow you to do it payments and you can write it off as money well spent to be done with the matter.
2007-11-28 14:33:44 · answer #8 · answered by Lex 7 · 0⤊ 2⤋