Posted on: 18th Apr, 2009 07:31 am
I am getting divorced. At the moment, I have about a 750 credit rating and want to keep it that way. We carried 2 mortgages for 7 months when we bought this house trying to sell our old one and refinanced to a 15 year mortgage 12/07 to incorportate some of the debt from that into the new mortgage. We now owe more than we can sell this house for given the current market. I don't know what the best option is for me in this situation. I don't want to damage my credit, but I'm not sure if sitting on the house for a year then trying to sell it hoping the market will turn around will help either, or if I could bear that financially by myself. I don't want to keep the house.
you've not said you can still afford payments, but i guess you can or you wouldn't consider holding on for the time being to begin with. waiting a year may or may not work...most of the economists i'm hearing say it's at least a year before things get unstuck.
If I stay in the house, for as long as I do, I'm going to be in a very tight situation. It will mean I hope nothing goes wrong with my car, every lunch will be packed, recreational activities, birthdays and holidays are going to be not in the budget, niether are vacations, and I have 2 small children. I can avoid late payments at the expense of everything else. But it's going to be very unpleasent.
based on all that you've just enumerated, i'd think it makes sense to go ahead and sell now, even if it means a short sale. your overall finances will, we'd hope, be better served if you found a cheaper alternative to paying the current mortgage obligation.
this is a highly individualized decision though...it is undoubtedly also sensible for you to consult with someone who can serve as an economic advisor. you can consult with money management inc, which i feel safe in recommending. unlike most everything else out there, they don't rip people off and they render excellent advice.
this is a highly individualized decision though...it is undoubtedly also sensible for you to consult with someone who can serve as an economic advisor. you can consult with money management inc, which i feel safe in recommending. unlike most everything else out there, they don't rip people off and they render excellent advice.