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HELP! NEED TO RELOCATE

My wife and I currently reside in Rockford, Il.  She commutes to Ohare airport each day for work, which on a good day is a 3 1/2 hour round trip.  We just got married last September, I own my home we are in now, which I purchased in 2005 for $120,000.  It needs a few upgrades, nothing major and paint to sell.  

My/our problem is many.......EVEN if my house sold for $105,000 I would only walk away with $15,000 in my pocket.  My wife has a condo she used to live in and tried to short sale in Roselle, Il.  She now has renters in the condo as she owes about $20,000 more than the condo is worth.  We both have debt, although mine is minimal, a few $400 limit cards, college tuition (not a loan), and a car payment.  She has many debts due to a previous car accident which has been in litigation for several years.

We want to move closer to her work so she does not have to commute, problem is my credit score is probably between 550 and 580 at best right now, hers is closer to 700.  We want to get into a home in the $150,000-$175,000 price range but not over extend ourselves on the house payment.  Mine is currently $411.00 with my interest rate.

Is it even possible for us to sell and acquire a home loan in that range in the next year?  Its a really desperate situation as the drive has caused a strain on our new marriage and she has already stated she cannot do the drive another year and I know its a tough drive and I am willing to move but I am also a realist and just do not know what to do right now to get to that point by this time next year.
  • February 21 2014 - Machesney Park
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Answers (5)

What do you mean you "tried" to short sale?  I would love to speak to you and find out more about your situation as I'm a short sale expert.  Give me a call at my office - [Content removed by Zillow Moderator. Please see our Good Neighbor Policy]
  • March 12 2014
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Work with a competent real estate broker. A competent real estate broker can refer you to folks that can help you raise your credit score. A competent real estate broker can sit down with you, analyze your situation and explain to you what your options are. A competent real estate broker can help you come up with a plan to help you get to where you want to be.
  • March 08 2014
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Hello,

If you'd like, I'd be happy to take a closer look at your situation. I work with over 40 different lenders, which opens the door to more opportunities for my clients. We accept credit scores as low as 500, and guide our borrowers through the credit repair process if they aren't able to qualify just yet. Feel free to contact me with questions or to get started

Thank you,
Ashley Pimentel
Market Place Mortgage
  • February 25 2014
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Unfortunately, you would not qualify for a loan with your scores but your wife certainly can with hers. The condo she owns may affect the loan amount she can qualify though. Speaking to a lender would be your first step in order to find out what you guys qualify for.

I work with a couple good lenders here locally in the Chicagoland area if you need one to speak to.
  • February 23 2014
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Profile picture for wetdawgs
Welcome to Zillow.   I agree, moving seems pretty important now to both save your wife's health and your marriage. 

Sometimes it does not make sense to buy, and what you are describing suggests you would do well to spend a year or more renting in a new location while you work on untangling yourself from debts, your wife's underwater condo,  your current home,  lawsuits related to car accidents etc.   Adding house debt in a new location may be possible, but it also may be a financial straw that broke the camel's back.  You're also growing your marriage, a critical time as your wife recovers from a horrendous commute!

Many people jump into home buying on relocation immediately, and then regret the decision because they didn't know the community well before making a choice.    Rent for a while. 
  • February 21 2014
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