Posted on: 13th Mar, 2009 06:17 am
I am a teacher and was recently given a layoff notice. I still have a job until July, and am current on my payments but my wife and I are considering moving out-of-state for personal and professional reasons. What should we do?
There's no way we can keep up the mortgage here and another rent/mortgage somewhere else, and we probably couldn't sell the house now either. But we want out and will need to leave over the summer. We considered trying to keep the house and get a renter, but the payment is high enough we probably couldn't get someone to cover it in rent and there's also the problem of being a landlord from 1,000+ miles away.
Some friends and family have told us to walk away - we don't want to do that if we don't have to. What are our options?
Thanks for your help
There's no way we can keep up the mortgage here and another rent/mortgage somewhere else, and we probably couldn't sell the house now either. But we want out and will need to leave over the summer. We considered trying to keep the house and get a renter, but the payment is high enough we probably couldn't get someone to cover it in rent and there's also the problem of being a landlord from 1,000+ miles away.
Some friends and family have told us to walk away - we don't want to do that if we don't have to. What are our options?
Thanks for your help
lots of "probably" in that post. you probably could walk away, and you probably could go into foreclosure, and you probably could get an apartment elsewhere if you do it before legal action ensues (no mortgage, though). it's probably a good idea to investigate further the possibility of selling, though. you'd probably be able to find some information from a local realtor as to how much you'd be able to sell for, how well homes in your area are selling these days, and probably much more information as well.
i'm probably being a little too ridiculous with all this probability on my post, but you really need to do some more investigation before making life decisions such as you are considering now.
i'm probably being a little too ridiculous with all this probability on my post, but you really need to do some more investigation before making life decisions such as you are considering now.
Hi trumpetrousers,
I do understand how it feels to be laid off and what kind of difficulty you must be facing now.
Have you considered the option of a shortsale? A short sale instead of a foreclosure wopuld be a good option. When you short sale you actually transfer the title to the lender willingly and the lender recovers the outstanding debt from the sale proceeds. This hurts your credit by almost 75-100 points as opposed to 250 in a foreclosure. However, you may have to pay the deficient amount of the loan.
I do understand how it feels to be laid off and what kind of difficulty you must be facing now.
Have you considered the option of a shortsale? A short sale instead of a foreclosure wopuld be a good option. When you short sale you actually transfer the title to the lender willingly and the lender recovers the outstanding debt from the sale proceeds. This hurts your credit by almost 75-100 points as opposed to 250 in a foreclosure. However, you may have to pay the deficient amount of the loan.
Thanks for the answers. If I sound a little unsure my situation maybe it's because I have NO IDEA what to do. This is my first home and I've never had to do anything like this before, which is why I came to this forum with the question. I guess I should have known better than to ask for advice on the web because there is inevitably some snarky asshole that just wants to make fun of you. On second thought, thanks for nothing George.
Alessandro on the other hand, you're ok. Thanks for the help.
Alessandro on the other hand, you're ok. Thanks for the help.
Hi trumpetrousers,
Do not feel sorry for having posted on the forum without knowing anything about what to do in this situation. It's quite understandable why you are unsure. Anyone in your situation would have felt the same. Moreover, if you had known everything, you wouldn't have come and posted in this forum for advice.
George is a very experienced and valued member of this community and I'm sure he never intended to hurt your sentiments in any way.
However coming back to the problem, I feel you should seriously consider the option mentioned by Alessandro. A short sale or a deed in lieu of foreclosure can be useful options for you. Moreover, as this is your primary home you may qualify for tax relief under Mortgage Forgiveness Debt Relief Act.
Thanks,
Jerry
Do not feel sorry for having posted on the forum without knowing anything about what to do in this situation. It's quite understandable why you are unsure. Anyone in your situation would have felt the same. Moreover, if you had known everything, you wouldn't have come and posted in this forum for advice.
George is a very experienced and valued member of this community and I'm sure he never intended to hurt your sentiments in any way.
However coming back to the problem, I feel you should seriously consider the option mentioned by Alessandro. A short sale or a deed in lieu of foreclosure can be useful options for you. Moreover, as this is your primary home you may qualify for tax relief under Mortgage Forgiveness Debt Relief Act.
Thanks,
Jerry
boy, are you rude. that language is totally unnecessary.
forgive me for my frankness, but you obviously couldn't get past those probabilities to see the sensibility that lay there.
if you don't want someone to be frank with you, beware of what you ask.
forgive me for my frankness, but you obviously couldn't get past those probabilities to see the sensibility that lay there.
if you don't want someone to be frank with you, beware of what you ask.