Posted on: 14th Jan, 2009 07:43 am
I havea typical family of husband and three children, we live in a 3 bedroom 2 bath house that offers plenty of room for all our accomidations but we cannot afford the monthly payments. My husband is a school teacher here in florida where they get paid ok, I am a bartender/server,and a student trying to get my RN. Our income togeter should be plenty to live on except our mortgage has shot up in the last year to almost 2000 a month, we cannot afford this. As of now we have kept on the mortgage payments but have fell short on all the other bills,cable shut off, phones shut off,no groceriesever, t sucks. We just want out of this house asap, rent for a few years until my school is finished then our income will rise then again purchase a house.how can we get out of our house? It appraised for 230,000 last year but I know houses are not selling due to the economy,we may be upside down Im not sure. Oh yeah we would need a couple thousand for repairs before even considering seling HELPPPPP
I don't think that another loan is the way to go, We have enough debt, just want out of our current mortgage asap
laray, you need to try a couple of things. one would be to contact your mortgage lender now, and another if you don't get anywhere with them. also check with a local realtor to get a read on what you might be able to sell the home for.
certainly, if you can't renegotiate the mortgage you have at this time, you can consider a short sale of the home. in a soft market, it's time-consuming to try to sell a home, so be prepared for that. in case you do decide to sell and you anticipate a short sale, do yourself and whoever buys your home a big favor: if you don't intend to continue making the payments, let your realtor know this. you don't want to go to a closing, trying to sell, and find out that you don't have enough funds to pay off the existing mortgage. that would not only put you in a bind, but also whoever your buyer is, as well.
certainly, if you can't renegotiate the mortgage you have at this time, you can consider a short sale of the home. in a soft market, it's time-consuming to try to sell a home, so be prepared for that. in case you do decide to sell and you anticipate a short sale, do yourself and whoever buys your home a big favor: if you don't intend to continue making the payments, let your realtor know this. you don't want to go to a closing, trying to sell, and find out that you don't have enough funds to pay off the existing mortgage. that would not only put you in a bind, but also whoever your buyer is, as well.
