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Answers (12)
- Linda Strasberg, "L Strasberg"
- Contributions:2315
It sounds as if you have a legitimate hardship...if you didn't sell it for less than what is owed to your lender(s) what other option is there?
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
Ok first things first, have you spoken with a realtor who did a Comparable market analysis or are you getting the value of this home from Zillow? Secondly, go back to that realtor and ask their opinion of what the market will bear and where she thinks your market is heading. I am so sorry to hear about your troubles, but renting for a year, even though you say you dont have the ability to do so, is probably a lot better for you than tossing it all aside. You are talking 20K difference, am assuming in a divorce that that 20 is being split by both of you.....I hope life starts treating you better....good luck.
- Jim Howe, "JimHowe"
- Contributions:6
Since you are having financial hardship you should talk to a attorney. Bankruptcy may be an option to consider.
- Tamara Champagne, "Tami Champagne"
- Contributions:5
Call your lender and request a loan modification. The lender will ask you for a huge pile of information. You will be asked for paystubs, bank statements, tax returns, and most of all a hardship letter. Some of the banks are lowering the interest rate to 2% to allow the market to recover. I have a couple of clients that got 2% on their investment properties. Most of all, keep in contact with the lender, don't let their calls go without a response.
- Joe Chen, "Joe C Chen"
- Contributions:219
Short Sale! So many homeowners are doing it. You should find out how this works. It's not as hard as it may appear. There's many agents specializing it now. Keep in mind you do need to find someone who knows what they are talking about and experienced!
[link removed by moderator]
[link removed by moderator]
- Sharon Patterson
- Contributions:44
Get expert advice from the Washington State foreclosure hotline. You can google that in and take a look or call 1-877-894-4663.
The hotline is offered by your state and they have no financial interest in the outcome of your decision. They can discuss your options with you before you.
Good luck to you.
The hotline is offered by your state and they have no financial interest in the outcome of your decision. They can discuss your options with you before you.
Good luck to you.
- Connie Wildasinn, "Connie Wildasin"
- Contributions:1178
You have 4 options
1. Rent the property out and welcome to being a landlord
2. Walk away and let the bank foreclose - worst on your credit
3. Call the bank and see if they will do a Deed-in-lieu - not as bad as #3 but still pretty bad on your credit
4. Do a short sale, get a REAL GOOD short sale agent ... not just a PT player
Or stay where you are...
Good luck
1. Rent the property out and welcome to being a landlord
2. Walk away and let the bank foreclose - worst on your credit
3. Call the bank and see if they will do a Deed-in-lieu - not as bad as #3 but still pretty bad on your credit
4. Do a short sale, get a REAL GOOD short sale agent ... not just a PT player
Or stay where you are...
Good luck
- Tonya Brobeck, "Tonya Brobeck"
- Contributions:637
20k is nothing compared to the amount of folks in our state and throughout our country that are 100k+ underwater on their homes.
Your best bet is to talk to a real estate attorney who can advise you and educate you on the consequences of a short sale, deed in lieu, foreclosure, etc.
Your best bet is to talk to a real estate attorney who can advise you and educate you on the consequences of a short sale, deed in lieu, foreclosure, etc.
- Christine McGinty, "whitemountainagent"
- Contributions:273
If you are able to rent and move on, I always view that as a positive. Short sale is always an option considering you have a hardship, but for $20K would it be worth the credit ramifications you would face? Do you have a second mortgage or Home Equity Line of Credit (HEALOC)? You may end up paying that back if you do. If you consider a short sale, interview agents until you find one that is experienced in short sale negotiations and has closes several short sales successfully and also consult your tax advisor and possibly an attorney. Good luck!
- Ralph Gorgoglione and Richard Ruggaber, "ralphandrichard"
- Contributions:70
Well, it starts with what your intentions are.
Do you want to stay in the home, or do you want to sell?
It may be possible for a loan mod or short refi, but it depends on your individual situation.
If you want to short sale the property, I can assist you with that as I am a certified short sale negotiator.
Do you want to stay in the home, or do you want to sell?
It may be possible for a loan mod or short refi, but it depends on your individual situation.
If you want to short sale the property, I can assist you with that as I am a certified short sale negotiator.
- Robert Stoeck, "rstoeck2"
- Contributions:1457
[Deleted for self promotion. These forums are the medium to provide that advice.]
- Ryan Halset, "RyanHalset"
- Contributions:730
I would start by chatting with your lender. Pehaps they'd offer a loan modification or a deed-in-lieu...you may save yourself a lot of time and angst if one of these are an option over a short sale. Keep in mind that if you have a 2nd mortgage, there is always a chance that they still come after the balance of what you owe after a short sale or foreclosure is complete. For these matters, it's best to consult an attorney.
What to do with my house? I owe at least 20k more than it's worth.
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