Posted on: 19th Sep, 2010 12:57 pm
I have relocated to another state and the previous house is not selling. Paid 390k, owe 300k. Lowered selling price to 379k, from 399k, with new realtor and House on market for 200 days(6%commission offered to realtor). There seems to be no buyers at this time. House is costing about $3000/month to maintain. Tried to get bank to loan credit against equity and turned down. Using 401k/IRA withdrawals to pay monthly deficit. I realize double hit with early withdrawal penalty and added to yearly income (tax bracket). Dreading the "off-selling" (Oct-Feb)season for real estate financially. Considered leasing to cover monthly deficit. House is in Baton rouge area of Louisiana. Any suggestions would be appreciated.
Thank you in advance,
"Financially Lost"
Thank you in advance,
"Financially Lost"
Hi william_micka,
If you want to get rid of the property, then you can contact your lender and apply for a deed in lieu of foreclosure. This will help you in getting rid of the property and you won't be liable for paying the balance dues resulting from the property sale. However, your score would go down by 250 points and the negative item will remain on your report for the next 7 years.
Thanks
If you want to get rid of the property, then you can contact your lender and apply for a deed in lieu of foreclosure. This will help you in getting rid of the property and you won't be liable for paying the balance dues resulting from the property sale. However, your score would go down by 250 points and the negative item will remain on your report for the next 7 years.
Thanks