Posted on: 20th Jan, 2011 08:43 pm
Hello, My husband and I have lived in our home for 6 years. Its a townhouse which (according to Zillow and the last assessment from the county) is worth $200k - though I seriously doubt it would sell for that - but we still owe $250. We want to get out from under our house, but we are not willing to risk our credit in the process. We both make enough money so we have no claim to hardship. Our credit is great - we're both around 830. But the house is just too small and we're desperate to get out. When we got it 6 years ago it was supposed to be a short term stepping stone but then the economy went south. I'm pretty sure we're trapped - but I wanted to get some opinions. Any help would be greatly appreciated . Thank you
Welcome harbisgirl,
You can list the property in the market in order to check out whether or not you can get buyers for your property. Selling off the property and paying off the dues in full won't have a negative affect on your credit report.
You can list the property in the market in order to check out whether or not you can get buyers for your property. Selling off the property and paying off the dues in full won't have a negative affect on your credit report.
Second mortgage loans are loans that are made in addition to the first mortgage, and it is usually based on the amount of equity that the borrower uses to build into his home. Usually it is required to fund home renovations.
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@ Adonis - Thank you for the suggestion, but we owe $250k - similar homes are selling for $130-$150. My $250 doesn't have a prayer.
@ Cyrilseo - I don't need any home renovations, just need to get out of my home! :)
@ Cyrilseo - I don't need any home renovations, just need to get out of my home! :)