Profile picture for andres1706

What to do about my home

I want to move from my home which i bought 4 years ago, still owe 62k. i recently sold a property in another country and looking to invest in a better home. how do i get rid of this house, sell, wait to forseclosure????
  • April 01 - US
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Answers (5)

I strongly recommend that you avoid foreclosure. Having a foreclosure will damage your credit for many years. It will also not allow you to buy another mortgage for another few years. Many people let their property go into foreclosure without fully understanding the consequences, so be aware. If you need additional assistance, feel free to reach out. Good luck!

  • April 02
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Profile picture for Dan Tabit
Without knowing what your home may go for, It's hard to tell you what would be best.  A great agent will always get you more for a home than you can get on your own.  I think your situation deserves some time with a great local agent who you can discuss your hope, plans and goals with and devise the right strategy.  A site like this can be very helpful, but you need more than what can be offered here. 
  • April 01
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Profile picture for andres1706
how would be the best way to buying a cash home from my property im selling oversees, should have the money in the next 2 months.  its about 60-65k, should i look into auctions,  owner to owner?
  • April 01
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Profile picture for Jose Samano
You do not want to let you property go to foreclosure as it will tarnish your credit for 7 years which will make financing for another property, more difficult.  My suggestion would be to sell the property as it will prevent headaches in the future.  If you are in a position that you may not have enough equity to do a regular sale, then you may want to contact your bank to sell your property through a short sale or give back the property in a deed lieu of foreclosure.   These two are better options because you credit will not be as affected as if you were to let the property go to foreclosure.
  • April 01
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Profile picture for Dan Tabit
Andres,
Ideally you sell your home, pay off your mortgage and use your equity for a down payment on another home.  If you don't have equity, you can sell and write a check for the difference or you may want to consider renting it out and having some income from it.  Again, ideally your rent will cover your expenses and you can find another house you like and buy with the proceeds from your other sale. 
Before considering allowing a foreclosure to take place, assuming you don't have equity, you should explore a short sale.  The bank must approve any sale that does not pay them off completely, so the process is long and drawn out taking anywhere from 3 to 9 months or even longer.  A short sale will damage your credit and likely prevent you from buying another house anytime soon. A foreclosure is the most damaging to your credit and will prevent you from financing for 5 years or more. 
This is a very brief over view of your options, I would encourage you to find a great local agent to discuss these, and possibly others in greater depth before you decide. Best of luck.
  • April 01
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