- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (3)
- Olivertwist33
- Contributions:20
If you have that much equity in the home and you may need to move due to a family situation.. and your credit is horrible.. the best thing you can do is sell your home.. and then use the equity to help find a place to rent. Even though your credit is bad.. you could use the money you make off the sale to find a decent place to rent.. and can tell them you can pay the first year in cash.
- dreskil
- Contributions:1
I can help you, but first are you facing any notices of default or are you just trying to refi or move or sell?
- Chris Jones, "Christopher Jones"
- Contributions:135
You have several.
1. You can sell the house and move.
2. You can get an FHA streamline loan which would be expensive but would likely save you money on your monthly payments.
3. You can save your money and make repairs as you are able to.
4. You can do nothing.
There might be subsets of these, but realistically, that's what you have. If by "horrible" you mean what most people mean, you wouldn't be able to qualify for a rehab loan through FHA, so I don't think you'll get the cash that way, though you can try it.
But if you're going to have to move, you don't want to be refinancing. It will take years to recoup the cost of the refi, given that your loan is so small.
Don't know if that's helpful, but it's all I have for you.
1. You can sell the house and move.
2. You can get an FHA streamline loan which would be expensive but would likely save you money on your monthly payments.
3. You can save your money and make repairs as you are able to.
4. You can do nothing.
There might be subsets of these, but realistically, that's what you have. If by "horrible" you mean what most people mean, you wouldn't be able to qualify for a rehab loan through FHA, so I don't think you'll get the cash that way, though you can try it.
But if you're going to have to move, you don't want to be refinancing. It will take years to recoup the cost of the refi, given that your loan is so small.
Don't know if that's helpful, but it's all I have for you.
Please Help!
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.