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Answers (5)
- GFL Capital Group
- Contributions:47
find a place to rent first so that if they do a credit check you will still have good credit.
- stveater
- Contributions:2
If I decide to walk , should I find a place to rent beforehand or should I continue to live in my current home not paying the mortgage until the home forecloses? If I went down the path of foreclosing the home, do I stand a good chance in renting a place when my credit drops significantly?
- Caveat Emptor
- Contributions:500
its 50% off from the peak in lynnwood? wow.
Walk away. You made a mistake in buying it, and now your choices are stay, rennovate or walk. if you walk, you'll be able to rent and you'll find that rents are still falling. Its the best decision in the long run. walk and don't look back.
Walk away. You made a mistake in buying it, and now your choices are stay, rennovate or walk. if you walk, you'll be able to rent and you'll find that rents are still falling. Its the best decision in the long run. walk and don't look back.
- Jerry Wright MLO 181458, "Jerrythelender"
- Contributions:23
You do not want to short sale if you don't have to, because you can't buy for a few years if you do. FHA=3 yr, VA= 2 yr Conv=3-7 yrs. You could refinance under the new HARP 2.0, which would reduce your monthly outflow. Then if you have the ability you could buy a new house and turn that one into a rental until you could sell it. You would however have to qualify with both payments, since you have not been a landlord prior. I hope this helped out a little and you could always contact with questions. Good luck.
- causema
- Contributions:1
I am in the same situation and am curious as to what people will answer for this. Reading this post was like reading my own situation. Good luck!
Home Underwater and Want to Move - What Options are Available?
I have a mortgage that is backed by Fannie Mae that I purchased in Oct. 2007. I was only expecting to stay at the property for around 5 years and then sell the property as I was just starting a family. Now my family has grown and we have outgrown our current house so I am looking to leave our property and upgrade. Our big dilemma is that my property's value has decreased significantly (around 50%). I've heard of programs that offer a potential reduction in principal for folks that are significantly underwater, but for the most part they are for individuals that cannot make their monthly payments. I've also looked into Short Sale options,but they all seem to have a requirement that you have some hardship and cannot meet your financial obligation to pay the mortgage. I am not in a financial situation where I am unable to continue making payments; however, it does not make sense that I am spending so much per month knowing that my property has depreciated significantly in addition to we are in a home that is not suitable for our living needs by being too small.
My question is whether or not there are any programs to reduce principal or put the loan in a situation where it makes sense not to foreclose on the property that you no longer want to stay in? Any help or tips where to look would be much appreciated. Thanks in advance.
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