Posted on: 09th Nov, 2010 10:06 pm
We are about $100k upside down on our home, but are able to make our mortgage payments and have not lost our jobs, thankfully. I may have an opportunity to relocate for career advancement, however our housing situation may prevent it. Are we candidates for a short sale? How about a deed in lieu...? I would hate to pass up a great opportunity that, in the long run, would benefit our family.
We have a straightforward fixed rate mortgage. No seconds, no balloon payments, no interest only loans.
We were just unlucky to buy at the peak of the market.
We have a straightforward fixed rate mortgage. No seconds, no balloon payments, no interest only loans.
We were just unlucky to buy at the peak of the market.
Hi jonathanyudman,
Welcome to mortgage fit,
You wish to relocate for your career advancement So if you are able to manage two mortgage payments (rent a new home at new place and put a renter at your existing place) then it will save you from credit point drop.At least I will advice you to go for this arrangement for some time and if it works that is well & good...If you are unable to carry with this plan then I will suggest you to go for short sale.
Feel free to ask any further query if you have..........
DIPA
Welcome to mortgage fit,
You wish to relocate for your career advancement So if you are able to manage two mortgage payments (rent a new home at new place and put a renter at your existing place) then it will save you from credit point drop.At least I will advice you to go for this arrangement for some time and if it works that is well & good...If you are unable to carry with this plan then I will suggest you to go for short sale.
Feel free to ask any further query if you have..........
DIPA
From what I have heard from some internet sites there is a new program out where you can simply assign your mortgage balance to a buyer. I am trying to find out a bit more now myself about that. Do a google search on MAP (Mortgage Assignment Profits) Long distance renting sounds like a nightmare to me. Wouldn't it be good to get cash for the assignment and walk from the house even though you owe more than it is worth? It seems that the idea is that you are selling the value of having an existing mortgage that you assign (assignment is apparently not the same as a buyer assuming the loan?) to the buyer even more than the house kinda makes sense in a weird way.
Welcome dnt,
If there is an assumption clause mentioned in your mortgage docs, then the buyer can assume the loan rather than refinancing it. In this way the buyer will be able to get the mortgage transferred in his name and you'll be able to get rid of the loan.
If there is an assumption clause mentioned in your mortgage docs, then the buyer can assume the loan rather than refinancing it. In this way the buyer will be able to get the mortgage transferred in his name and you'll be able to get rid of the loan.