Posted on: 18th Jul, 2008 09:24 pm
I own a house whose mortgage is $2000 a month, due to a job relocation I have tried to sell this house for the last 7 months with no luck. I'm becoming financially drained coz i have to keep up the mortgage payments as well as my current apt. what is the best option for me and renting it out is not working out either?
hello wangari.
have you inform this to your mortgage company. contact the loss mitigation department of your mortgage company and send them a hardship letter. mention in the hardship letter what are your problems and how your are going to be paid him off. try out loan modification. it should make the monthly payments lower.
have you inform this to your mortgage company. contact the loss mitigation department of your mortgage company and send them a hardship letter. mention in the hardship letter what are your problems and how your are going to be paid him off. try out loan modification. it should make the monthly payments lower.
Renting out will be the best options. Advertise on craigslist to find a good tenant. That is free advertising and mostly eveyone uses it. Then while it is rented you can put it up for sale. It is a one, two process but it is the only way right now. Even if you get your loan modified you still have to make the mortgage payment. When you rent it out the impact on your pocket will be lessened.
Good Luck
Jeanette Smith
Mortgage Planner
Union Mortgage Group
Good Luck
Jeanette Smith
Mortgage Planner
Union Mortgage Group
If the property has been on the market for 7 months with no bites, I would assume you are either in a very stagnant market or you may be overpriced a bit. Perhaps you should look around the neighborhood and see some of the other listings that you are competing against. If you want a quicker sale, you should be at the lower end of your competition or maybe even below. I know its not what you want to hear and it will feel like you are tossing money away, but it could be your best bet at a quicker sale.
Might be best to drop the price, get the house sold and move forward with your life.
first you will need to obtain an independent appraisal. this will tell you what your property is worth in the “current market.†next, you will need to check with your realtor and find out what the median days on market is, if it is less than 7 months something is wrong with your pricing. if you cannot sell the home for cheaper then you will need to consider a dil or short sale.
hi wangari001 and welcome to the forum,
short sale: a “short sale†is a sale of the property for less than the total amount owed on the mortgage. an investor (we can arrange you with an ethical investor) may be able to convince the mortgage company to accept a short sale. most lenders would rather have the majority of their money back than the hassle of a foreclosure, legal fees, renovation, and marketing costs associated with the reselling of the property.
deed-in-lieu: a deed in lieu of foreclosure (dil) is a disposition option in which a mortgagor (home owner) voluntarily deeds the property in exchange for a release from all obligations under the mortgage. a dil of foreclosure may not be accepted from home owners who can financially make their mortgage payments.
one other question that will allow me to help you further is are you in an adjustable rate mortgage?
hi wangari001 and welcome to the forum,
short sale: a “short sale†is a sale of the property for less than the total amount owed on the mortgage. an investor (we can arrange you with an ethical investor) may be able to convince the mortgage company to accept a short sale. most lenders would rather have the majority of their money back than the hassle of a foreclosure, legal fees, renovation, and marketing costs associated with the reselling of the property.
deed-in-lieu: a deed in lieu of foreclosure (dil) is a disposition option in which a mortgagor (home owner) voluntarily deeds the property in exchange for a release from all obligations under the mortgage. a dil of foreclosure may not be accepted from home owners who can financially make their mortgage payments.
one other question that will allow me to help you further is are you in an adjustable rate mortgage?
