Posted on: 22nd Jun, 2009 12:26 pm
My wife and I bought a house in Snellville, Ga in July 2007 with the intention of living there full time. We moved to Ga from NYC that summer, but we quickly realized the salary difference was too much to bear. So, I moved back to NYC to teach and finish my MS degree, which I completed this May. Ever since I moved back to NYC, we have been struggling to pay rent in NYC and mortgage in Ga. Then in December of 08 my wife's contract as an RN was not renewed, so she decided to do travel nursing in NYC. At the time we could better afford the rent and mortgage, but things have become very tight lately. So we want to know if we should sell the house. Both of us have lost interest in living in Ga, mainly because of the economic conditions there. As a school teacher and RN we believe we should just stay in NYC; however, the mortgage and rent payments are too much to pay, so we asked our bank for a Loan Modification in Feb. 09. They have being dragging their feet and in May told us they denied us because they did not get requested documents. We resubmitted these documents and still no response. We are now $5300 behind and the bank just sent us a delinquency letter. We don't have that money to send them. Should we tell them we want to sell or should we wait for the loan modification?
i think the key question may be "what will a modification do for you?" since you have no desire to live in georgia, it seems senseless to hold on to the house. selling may or not be difficult - you'd have to analyze the market down there, and calculate how to go about marketing the property.
my first thought is to sell, though.
my first thought is to sell, though.