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Replies (14)
- blaison samuel, "eastbayprofessional"
- Contributions:49
If your home value is more than you owe and wants to move out because of job relocation and you don't want to keep the house and no plan to buy another house soon then you might qualify for short sale. If you can successfully short sale then you can buy your another house in 18-24 months. Short sale will affect your credit but not as foreclosure. Consult with your accountant for any tax ramification. For doing short sale, you need to contact a local realtor who is experienced with successful short sale.
But if you want to keep the house and wants to rent it out and you dont want to take responsiblity of dealing with renters then contact a property management company who can work with you to arrange rentals and rents, you have to give some fees to them monthly to manage all these things for you.
I hope any of these suggestion would help or at least give you some ideas...Good luck.
- sillowfixer
- Contributions:9
Knowledgeable short sale agents are imperative to close a successful short sale escrow. Do your research before hiring a Realtor.
[content removed by moderator for being self promotional]
- dungiven
- Contributions:34
Short sale.....best way out
Short sale damages your credit just as much as foreclosure.
CA is a non-recourse state. Just walk. If you have a second you might have problems.
I am not a lawyer, check with one.
CA is a non-recourse state. Just walk. If you have a second you might have problems.
I am not a lawyer, check with one.
- HomeSand.net, "White Picture"
- Contributions:4396
If you let your house go to foreclosure or short sell, it's impossible for you to buy another house in near term.
* You need to rent out your house ( the lose will be $700 x 12 months = $8,400 a year).
* Go rent some where close to your work place, mean while look for the house, which is very good deal that may offset the lost of your first house ( $50,000 ).
which is possible because you had high income + rental income ( the bank will see as you try to keep the house ), credit still good.
* Next step, you can do what so ever you want, sell, short sell, or foreclosure, depend on what you see to fit at the time.
To be the landlord is not so hard like some body say, as long as you have the good tenants. May be you want to buy many more houses to get it rent. ;-)
* You need to rent out your house ( the lose will be $700 x 12 months = $8,400 a year).
* Go rent some where close to your work place, mean while look for the house, which is very good deal that may offset the lost of your first house ( $50,000 ).
which is possible because you had high income + rental income ( the bank will see as you try to keep the house ), credit still good.
* Next step, you can do what so ever you want, sell, short sell, or foreclosure, depend on what you see to fit at the time.
To be the landlord is not so hard like some body say, as long as you have the good tenants. May be you want to buy many more houses to get it rent. ;-)
- Pasadenan
- Contributions:21466
Re-fi the $250k mortgage balance at 4.5% interest for 30 years. That would make the monthly payments $1267. (You might even see if they will do 40 years...)
Then in 1 year, rent it out for $1300 to cover the mortgage payment after finding someplace else to live closer to both of your work locations.
Don't buy before next year, but watch the Z-index trends to see when prices actually level out below the inflation curve. Also check % of inventory on market (should be less than 7%), and percent of inventory for sale that is foreclosures (should ALSO be less than 7%).
Buying at $200k with 10% down and 4.5% fixed interest for 40 years comes to $809.21 per month, so it MAY be better than renting at $1600 per month; but you need to run ALL the numbers and not leave out any expenses. In any case, it makes sense to put aside as much as you can for another down payment. Saving about $733 per month in reduced mortgage costs should give you at least $8796 after a year; but you really need closer to $25k to make it happen. At $130k combined income and $24k present morgage expenses, you SHOULD be able to make it happen.
The value of your present house may continue to drop for another year or more; but if you can at least cover your expenses, it gives you a way out without recking your credit or cashflow.
Then in 1 year, rent it out for $1300 to cover the mortgage payment after finding someplace else to live closer to both of your work locations.
Don't buy before next year, but watch the Z-index trends to see when prices actually level out below the inflation curve. Also check % of inventory on market (should be less than 7%), and percent of inventory for sale that is foreclosures (should ALSO be less than 7%).
Buying at $200k with 10% down and 4.5% fixed interest for 40 years comes to $809.21 per month, so it MAY be better than renting at $1600 per month; but you need to run ALL the numbers and not leave out any expenses. In any case, it makes sense to put aside as much as you can for another down payment. Saving about $733 per month in reduced mortgage costs should give you at least $8796 after a year; but you really need closer to $25k to make it happen. At $130k combined income and $24k present morgage expenses, you SHOULD be able to make it happen.
The value of your present house may continue to drop for another year or more; but if you can at least cover your expenses, it gives you a way out without recking your credit or cashflow.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
The nursing profession in Las Vegas is alive and well...have you considered relocating here?
- silent_observer
- Contributions:1603
Pay off the house with your income and move to the city where you want or sell it. walking away from your loan is stupid.
Linda you are pathetic.
- Pasadenan
- Contributions:21466
Linda -
If they both have stable high paying jobs, why would they want to relocate to a place that has worse climate and a substantually lower quality of life?
Besides, he didn't state what his profession is. So how would you find him a job? He states he has been working there 7 years already, and would rather relocate closer to his work than find another job.
So why would ANYONE in their right mind want to move to "Sin City"?
If they both have stable high paying jobs, why would they want to relocate to a place that has worse climate and a substantually lower quality of life?
Besides, he didn't state what his profession is. So how would you find him a job? He states he has been working there 7 years already, and would rather relocate closer to his work than find another job.
So why would ANYONE in their right mind want to move to "Sin City"?
- Pasadenan
- Contributions:21466
Besides Linda,
His question was about what to do with his present "under-water" loan on his existing house, and you did not state anything to answer his question.
What was that comment that you made a couple days ago about "researching" before answering questions?
Don't you think you could do better?
So far, I would give you about a D- for "effort".
His question was about what to do with his present "under-water" loan on his existing house, and you did not state anything to answer his question.
What was that comment that you made a couple days ago about "researching" before answering questions?
Don't you think you could do better?
So far, I would give you about a D- for "effort".
- Pasadenan
- Contributions:21466
"if you don't have the answer it is best to acknowledge it and find out all you can before answering incorrectly"
should I ask questions only to answer...
It might help to take your own advice... but perhaps you don't believe anything you write?
should I ask questions only to answer...
It might help to take your own advice... but perhaps you don't believe anything you write?
- sillowfixer
- Contributions:9
ZILLOW... Please do not alter my posts. If you don't like what I've posted, you may remove it entirely.
Please remove the post above which you have altered from its original posted content.
Cameron Novak
Corona Real Estate Agent
Please remove the post above which you have altered from its original posted content.
Cameron Novak
Corona Real Estate Agent
- sunnyview
- Contributions:25139
Almost every post I can see that you have includes a hotlink to your site. That is generally considered spam on Zillow under their good neighbor policy. When you see this "[content removed by moderator for being self promotional]" it means that Zillow feels that you are posting advertisement that is unrelated to the posters question or the the discussion. You can direct people to your profile page with no issues, but should not post a hotllnk after every reply. Zillow remove those on a continuing basis from what I have seen in an effort to keep the board about discussion and not strictly personal promotion. There are other ways of getting people to you home page/website without putting hotlink advertisements on the board. Doing that is not fair to other agents and professionals that follow the rules. That's just my opinion.
Sell, Walk away, Rent?
In September of 2005, we purchased a new house, selling our old one, putting 130K down on a 390K mortgage. The new home had 4 bedrooms and was 400+ more square feet. My sister and her son have now moved out and are no longer helping us with the mortgage. In addition, my wife recently graduated from nursing school and has accepted a job 1.5 hours (one way) away from our home. I've been commuting 1 hour (in the same direction as my wife's new employment) for 7 years, so the possiblity of being closer to home is nice.
Ok, all that to say that we're now looking at moving, but we're not sure what to do with our existing home. Unfortunately, it's located in a county that regularly ranks in the top 5 of most UNaffordable housing markets and highest foreclosure rates. The mortgage is currently around 2k and I think we'd be lucky to get 1300 in rent. Our accountant says renting would be beneficial, tax-wise, to us. We owe about 250k and our current market seems to indicate we'd be lucky to get 200k for the home now.
I am very uncomfortable, however, with extending ourselves financially with the purchase of a second home. In the new city, we'd likely be able to find a home to buy for around 200K. Rent of simlarly-sized homes is about 1600. We will have a combined income of around 130K (gross).
We are current with our mortgage payments right now. I've never been a landlord and frankly don't relish the thought of doing it, especially being an hour away from it. So, what are the best options?
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