Posted on: 19th Jun, 2009 10:25 pm
Seven years ago I sat down at a table with two crooks who sold me my current home. I was very naive and did not understand terms like closing costs and home inspection. I really walked into this deal blind and now I am paying the price for a home in the middle of nowhere. Circumstances have changed in my life that have forced me to reconsider staying here another day. I would like to walk away from my home but I am afraid of the consequences. At this point I prefer to rent an apartment then live here another day. My credit isn't the best in the world but I don't want to totally tank it either by walking away from my home. I have struggled for years to pay my mortgage and once again I am back current on my loan. I do not want to face foreclosure again! Those months I spent worrying about my mortagage kept me from getting a good night's sleep. I don't want to go down that road again.
I have heard of short sales, deeds in lieu of trust, etc. What would the best option for me? I figure that if I lay low on the credit radar--I have no plans on buying another car or another house for at least five years-- I shouldn't have anything to worry about.
Right?
I have heard of short sales, deeds in lieu of trust, etc. What would the best option for me? I figure that if I lay low on the credit radar--I have no plans on buying another car or another house for at least five years-- I shouldn't have anything to worry about.
Right?
dearme33
welcoem to the forum
as you mentined that you got this house 7 years ago, that menas atleast you got this during the time when the prices were still not that high.
having said that, do you have some equity in the house?
to answer your question:
1. you can rent the house
2. you can do a short sale - low impact on yoru credit score, if you are current on your payment
3. deed in lieu of foreclosure
4. foreclosure
good luck and feel free to ask
welcoem to the forum
as you mentined that you got this house 7 years ago, that menas atleast you got this during the time when the prices were still not that high.
having said that, do you have some equity in the house?
to answer your question:
1. you can rent the house
2. you can do a short sale - low impact on yoru credit score, if you are current on your payment
3. deed in lieu of foreclosure
4. foreclosure
good luck and feel free to ask
Thanks for the advice. I do have one quick question: In order to do a short sale would I have to be behind on my mortgage? I have always heard that homeowners chose a short sale because they are very close to losing their homes anyway.
dearme33
I think that is one of the misconception that you need to be already behind to do a short sale
I woudl suugest you to be current on the payment and foolow some of these steps
1. Hire a Short Sale specialist
2. He will probebly suggest you to list the house and ask you to keep makign the payments
3. After some time he will ask you to approach the bank for a short sale based on the fact that the house has nt sold ina while after listign also
4. Aftre this it will up to the bank to decide
If you stop making payments you are really affectign yoru credit score and then after the short sale it will have another 50 -100 points taken from yoru report
Good luck and feel free to ask
I think that is one of the misconception that you need to be already behind to do a short sale
I woudl suugest you to be current on the payment and foolow some of these steps
1. Hire a Short Sale specialist
2. He will probebly suggest you to list the house and ask you to keep makign the payments
3. After some time he will ask you to approach the bank for a short sale based on the fact that the house has nt sold ina while after listign also
4. Aftre this it will up to the bank to decide
If you stop making payments you are really affectign yoru credit score and then after the short sale it will have another 50 -100 points taken from yoru report
Good luck and feel free to ask
Welcome,
- You cangive your house on rent.
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- You cangive your house on rent.
-
laying low in 5 years will result in only one thing: a continunation of poor credit, as you'll not be making any moves to improve it. that's not a good idea.
obviously, we don't know the circumstances behind your 7 years of misery, but if you're at the point of no return, there's no reason you can't sell the home. if you owe more than the value, then you'll need to convince your lender of that, and that will include documenting the current value. you don't have to be delinquent to effect a short sale, as noted.
obviously, we don't know the circumstances behind your 7 years of misery, but if you're at the point of no return, there's no reason you can't sell the home. if you owe more than the value, then you'll need to convince your lender of that, and that will include documenting the current value. you don't have to be delinquent to effect a short sale, as noted.
Hi dearme33,
Do you have any equity on your house? Where is it located? I would like to know if I can get any sources to help you once I know some information about your property.
Thanks,
Do you have any equity on your house? Where is it located? I would like to know if I can get any sources to help you once I know some information about your property.
Thanks,
be very wary, dearme33.
This is for every one.
Just becatious with who you share your personla information with.
Lot of people whocan missuse it
Good luck
Just becatious with who you share your personla information with.
Lot of people whocan missuse it
Good luck