Posted on: 19th Jun, 2008 11:19 am
We have a home in Arizona that we built 3 years ago. My husband's work transferred him to South Carolina last August. We put the house on the market last August. With not one showing we did not list again with an agent but put a for sale by owner sign in the front yard. Because of the market in Arizona the houses that are in our nieghborhood that are the same as ours are going for about 130k less than what our mortgage is for. (Alot of invesgtors came in and purchased homes and are now dumping them, alot in foreclosure.) We have worked really hard for our credit rating but we can't afford to make the payments and the upkeep. The most we can rent the house for is 1,500.00 (because of so much being on the market.) Our mortgage payment is 2500.00 plus upkeep of the yard and pool. We have a traditional 30-year fixed mortgage. We did not roll anything into the mortgage. When we closed on the house that appraised value was 479,000. Would a deed-in-leiu of be our best bet?
lorindalk if you cannot afford to maintain the home with the shortfall on rental, then you are probably on the right track to consider a deed in lieu, or - better yet - a short sale. in a short sale, the lender who is holding your mortgage would have to agree to settle for less than you owe when you sell the home. of course, this is predicated on your selling it at all.
it looks like the sales opportunities are slimmer than slim, so you ought to make entreaties right away to the lender to see if deed in lieu is something they're willing to consider. in the interim period, i wish you well in trying to maintain as best you can.
it looks like the sales opportunities are slimmer than slim, so you ought to make entreaties right away to the lender to see if deed in lieu is something they're willing to consider. in the interim period, i wish you well in trying to maintain as best you can.
I agree with the others. The biggest thing is to take action. Start talking with the people in charge at the lender and see what can be done.
Good Luck
Brian
Good Luck
Brian
