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Answers (4)
- Melinda Schnur, "RealtorMLS"
- Contributions:43
If you can currently afford the payment and the loan doesn't adjust for 7.5 years, do you really need to sell? Keep in mind the lender doesn't want to modify or approve a short sale unless you are in default. If you aren't in default and don't need to sell don't damage your credit. The market will come back. It always does! Good luck!
- Json8365
- Contributions:1
If you don't think you will be able to afford the payment once the interest only term is up, then get out now. Even if you can afford it now, at some point you won't be able to so you are waiting for the inevitable to happen. First, be prepared for your credit to take a hit. If your bank won't do a loan mod for you, stop making the payments. You will go into default and your bank will have the option to foreclose or agree to a short sale. The bank would much rather do a short sale then foreclosure in many situations. Your credit will be affected, but you can build it back within a few years. Plus, there are so many other people going through short sales and foreclosures, that in the future, the bank will have to do loans for these people unless they will have a much more limited amount of people to give loans too.
- NTETS, "Mr Caveat"
- Contributions:6436
what state is it?
define ride it out: would you lose your home 7.5 years from now if you still cant refi?
what is rent locally? (rent you would pay if you left and actual what could you get as a landlord?)
is it a big lender? smaller lenders may be folding into bigger ones in the future.
are you using the smaller interest only payment to pay down the principal when you can so that when it does reset you might get to keep the home?
did you invest your own money in the property?
would you be willing to walk away?
is there someone else making the decision with (cough FOR cough cough) you ^_)^?
have you tried bribing a bank official yet? just kidding of course 0.o
PS i want you to change your username asap, there are people who might take private info and you know, abuse it
define ride it out: would you lose your home 7.5 years from now if you still cant refi?
what is rent locally? (rent you would pay if you left and actual what could you get as a landlord?)
is it a big lender? smaller lenders may be folding into bigger ones in the future.
are you using the smaller interest only payment to pay down the principal when you can so that when it does reset you might get to keep the home?
did you invest your own money in the property?
would you be willing to walk away?
is there someone else making the decision with (cough FOR cough cough) you ^_)^?
have you tried bribing a bank official yet? just kidding of course 0.o
PS i want you to change your username asap, there are people who might take private info and you know, abuse it
- Andrew Adams, "203K Specialist"
- Contributions:9349
If the lender won't modify what makes you think they will allow a short sale?
I am guessing you can afford the payment, If that's the case your only option is to ride it out!
I am guessing you can afford the payment, If that's the case your only option is to ride it out!
What is the best thing to do? Short sale, or stay till market improves?
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