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Answers (3)
- Georgina OBryan, "GOBryan1"
- Contributions:483
It really depends on your income situation. Like Mike said, you can rent a room in your home to help raise income, you can look to reduce expenses such as cutting back to basic cable or no cable, internet. Maybe eliminating a home lan line if you have a cell.. etc..
You can look into a Loan Modification or final resort would me a Short Sale or Deed-in-lieu.. Each of those options do have consequences so you may wish to consult with an attorney that specializes in home loan/foreclosure solutions.
You can look into a Loan Modification or final resort would me a Short Sale or Deed-in-lieu.. Each of those options do have consequences so you may wish to consult with an attorney that specializes in home loan/foreclosure solutions.
- Mike Bjork, "MortgagePlannerMike"
- Contributions:346
Couple of ideas may include: Can you rent the property out and cover your expenses? If not, then I'd suggest checking into a loan modification and/or shortsale process. It may be good to start both of the processes, in case the Lender comes back to you late in the game and disqualifies you from a loan modification; meanwhile, the shortsale process is underway. Of course, these are last resort suggestions. Another avenue is to possibly rent out a room to somebody (if you have an extra room) to help you cover the mortgage payments. I wish you well, a lot of people are in similar struggles.
- Pasha Missaghi, "Pasha Missaghi"
- Contributions:40
That is always a difficult situation to be in, but there are ways to get help. you have few options, which include renegotiating the loan, or short selling the house. short selling the house means you put the house up for sale at a fair market value and then negotiate the offer with the bank asking them to allow you to sell it at that price and forgive the rest of the loan. process may take a while, but that would probably be your best option
what should i do if my house is upside down in value and im struggling to make payments
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