By Admin on Jan 30, 2008 in Renting & Real Estate
boddymood asked:
I am divorced and the house was left to me to deal with. I have had the house on the market since Oct. with not even an offer to date. I really want to get out of this house since my ex wife still lives at the end of my road. I also can not afford the mortgage payment, it is 1200 a month between the first and second. There is plenty of equity in the home. What would be some options that I could take to get rid of this short of forclosure
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I am divorced and the house was left to me to deal with. I have had the house on the market since Oct. with not even an offer to date. I really want to get out of this house since my ex wife still lives at the end of my road. I also can not afford the mortgage payment, it is 1200 a month between the first and second. There is plenty of equity in the home. What would be some options that I could take to get rid of this short of forclosure
Create a video blog
find a renter.
sup | Feb 2, 2008 | Reply
well, reduce the price is the obvious one. Another is to accept a land contract sale or lease with option to purchase. Just be sure to screen very carefully and be sure to clear the land contract sale with your lender. And for land contracts, be sure to get at least %5 downpayment.
Good luck
John M | Feb 3, 2008 | Reply
Rent the property.
Refinance with the bank to see if you can get a lower rate.
Change realtors or real estate companies.
hamsterbabies | Feb 5, 2008 | Reply
I would look into refinancing. Selling is very difficult at this point as most markets are flooded and there is only so low you can take the selling price. If you have a good amount of equity in the home, rates are pretty low right now and there are options out there to lower that monthly payment. Look around, check your network for some local brokers and talk to them, as long as you have the equity, you should be able to do something
Jeromy W | Feb 5, 2008 | Reply
A roommate is your best SHORT TERM answer to your cash flow issue.
If you have NOT missed any mortgage payments and you have equity (your mortgages are no more than 80% of the value of the house), there are loan programs that will allow a decent fixed rate, but you pay Interest Only. You have the choice to pay more $ toward principal, but you don’t HAVE to.
I’m doing this kind of deal in a family divorce situation right now. Her credit is 715+, 60% LTV, 6.30% Interest Only, no prepay. We are paying off ALL the credit cards leaving her with a payment that is SAME/LESS than her child support! I love my work!!
Best of luck to you!
David Beasley | Feb 8, 2008 | Reply