Posted on: 31st May, 2010 04:18 pm
hi, i own a condo i brought in 07 for 200.000 its worth 80.000 ,iwas single.im married now and me and my husband quilify for second mortgage we have 2 kids now..my credit sc. is 814 his is 740. we need a bigger place the condo is not big enough. what is the best way to get in a new home.should we ;or can we,buy the new home in both our names,than the condo thats only under my name,short sale,and file hardship . or walk away and file bankrupcy only me.i hate to miss up my credit.but i need a way out of the condo and the new house is my primary res.so does that mean the i.r.s. can tax me for the differance,sence the condo is not my primary what can i do we need the room to rent it out 2 bdrm i can only get around 900.00 my mortgage is 1400.00 plus 150 haf.that i can't afford how can i gt another home.or short sale condo first.than wait 2yrs to get a home
Hi harpermom!
Welcome to forums!
As the property and the mortgage is in your name right now, I would suggest that your husband should apply for a loan and buy a bigger house for you all. Meanwhile, you can list the property for sale and check out if you can get buyers for it. If you do not get buyers, then you can apply for a deed in lieu of foreclosure with your lender and get rid of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the property and the mortgage is in your name right now, I would suggest that your husband should apply for a loan and buy a bigger house for you all. Meanwhile, you can list the property for sale and check out if you can get buyers for it. If you do not get buyers, then you can apply for a deed in lieu of foreclosure with your lender and get rid of the property.
Feel free to ask if you've further queries.
Sussane
im uside down inthe condo can i put it up for sale.or try to quilify for a short sale