My husband and I are paying so much for our mortgage that we do not have money saved or for things that are necessary. I know that we can not keep living like this or we will never get anywhere.
If we moved into an apartment and started paying rent, would we still have to pay a mortgage at the same time?
What are some ways that we can fix this problem?
PLEASE HELP!
2007-12-03 08:57:29 · 3 answers · asked by sweetpea 2 in Business & Finance ➔ Personal Finance
you can downsize your live style to get the necessary items like foord -- get rid of internet cable and cell phones -- if you move you will still have to pay house payment unless you sale!!!
2007-12-07 01:28:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The ONLY way out of the mortgage is to pay it off. The mortgage company does not care if you live in the house or not. Your best bet is probably to SELL THE HOUSE. If you have any equity, consider pricing the house at just enough to payoff the mortgage and cover the cost of the sale. This is likely to result in a faster sale. If the house won't sell for what you owe, talk the the mortgage company about a "short sale". This basically means you sell for the best price you can get and the mortgage company agrees to accept that as FULL payment. This saves them the trouble of foreclosing and selling the house.
2007-12-03 17:06:07 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋
Steven F is right, but I want to add that if you have to resort to a short sale, you may owe income tax on the amount of your debt that was forgiven. Please see the link below.
2007-12-03 18:01:06 · answer #3 · answered by Kathryn 6 · 0⤊ 0⤋