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I am an a desperate situation...My husband accepted a new job and moved to Texas. I am in Reno, NV with 3 kids and a house that will not sell. We owe more on our home than what it is now worth and his new company will only give us $10,000 to help. A realtor suggested we talk to our loan officer and do either a deed in lieu of foreclosure or a short sell option. I have researched both these options and from what I can tell, we will not be qualifed for either of these since we are not in default. We CAN afford our home, but cannot afford to do a bridge loan to buy a house in Texas. I also do not want to ruin our high credit score. Are there any options out there for me to be able to move and be with him. I have no family or support system here. Renting our house is not a good option since we will only get about $1600/month for our home and our mortgage is $2700. His salary increase is not enough to cover the difference. We may be able to swing it if we get a low cost rental in TX, but if we have months without renters, we would not be able to pay the full mortgage. I also think it will be impossible for us to keep our house on the market with renters in it. Therefore, after a year or so, we would have to try again with the house vacant and could not afford the mortgage and a rent in TX. I also do not know if the house value will go down even more by then. We cannot drop our price anymore or we will not be able to pay off our loan. Am I stuck here for possible years until our house sells for enough? Right now, we cannot even get showings. I tried to tell my husband the move was bad, but he did not listen and thought it would work out. I am now going on my 4th month alone and NOT happy about it. Any ideas?????
We are about in the same circumstance as you are...dm me and we can talk if you like, I know we are doing a deed in leiu cause its better than a shortsale as far as your credit goes and the bank is to give you fair market value for your home...it only takes one payment to be in default I believe...we have taken money out of savings to stay afloat till my husband landed an outstate awesome job, nothing here in the moutains and most companies have left, becoming a ghost town or we both work two jobs to keep the house...call your bank, better now than later let them see you want to do something now rather than latter, a foreclosure is always worse..get a good rental before you do this and before your credit dings...we had good credit too, and in a month from now, we won't..but you know it can be repaired, some help you for free, find a real estate agent in the area you want to live and they will hook you up with someone and then be sure to pay every bill and do things to the T for the next few years..worse things happen in life than getting bad credit..it can be repaired....right? ((safe hugs)) bout having no one to help..I came from a very dysfuctional abusive family and I no longer allow them to hurt us...that also means we are on our own too, but peace is worth money anyday..my best to you and yours...........it will be ok, it will be. Push forward, research all you can and do what you can NOW!
We also moved to an area out of desperation, can tell you more if you like to know, I know all bout making a bad move to an area and then regretting it, a few times, this time I made sure that would not happen....I researched things 24/7 for a long time here!
You mentioned that you have researched the options, but have you actually contacted the lender? Another possibility may be to ask for a forbearance. Basically, this would involve the lender letting you skip a few months payments, with the unpaid interest tacked on to the principal. Some lenders are more willing than others to help you work things out. It is to their advantage to avoid foreclosure whenever possible.
If you do not get any cooperation, go the HUD website. They have listings of counselors who may be able to help.
... So I constantly wonder why people quit a job and move to a municipality such as the Chicago Land area. People seem to think that the grass is greener elsewhere, but it is not.
IF your husband was laid off with his former employment, then that is a valid reason to search for a new job. However, don't switch jobs just because you are 'bored'.
Since you are in such a serious bind regarding your residential home - - and since you are both separated in distance - - then the best situation / apparent solution is for your husband to quit his current relocated employment and then move back with you - - his wife and family.
Perhaps at this point, no meaningful employment would be available except a position at Wal - Mart, etc. But at least you would be hanging onto your home if both you and your husband were working and living together in your own home. So 'turn around' and go back to your original status quo.
Sometimes there are job opportunities in other places that provide a better life and overall quality of life...sometimes people make mistakes, you know? The important thing is to learn from them and to research the next place much better...we all make mistakes in life, all of us...
Call your lender and see what your options are. You may have to talk to several different people until you get someone at the lender that actually knows what they are talking about.
If you want to sell, and keep your credit you either have to come up with the cash to cover the shortage, or take out a personal loan to cover the shortage. In all likely hood that loan will be less than the $1000/mo you'd be paying to rent the place, hoping the market comes back. Your lender may even be able to set this up, and you may not have to be in default for this.
Finally, someone with a reasonable solution. My husband is not (nor would I ever want him to) quit a $125K yr job and work at Walmart. That is just ridiculous! Thank you for the advice. We were wondering if the lender would let us take out a personal loan on the balance, but when he talked to him, his only suggestion was renting out the place and doing a bridge loan. We need a more experienced lender to talk to. As much as I hate to have that kind of a loan, (could be $30K), I do think it is best to get rid of this house and have us live as a family again. Thank you again. We will definately check out this option further.
Remember you don't have to get the loan through the mortgage lender. Many get offers in the mail from BOA and other banks for unsecured personal lines of credit. My advise would be to get approved for the largest line available to you, dont take it out until the house sells though and you know just how much you have to use.
About selling the house. If your market isn't good and prices are still being pressured downward (my market) don't mess around with pricing. Be the lowest priced comp in your area, by a good spread to make you look like a value, and make sure your realtor keeps you up to date on your competition's pricing. Nothing worse than pricing wrong in a falling market, end up just chasing the buyers down.
Momof3,
I feel for your situation, and if it makes you feel better, there are going to be more and more people in your situation, sadly enough. Forclosures are going to hurt all of us neighborhood by neighborhood.
We bought our home in 2006 at the top of the market. We thought this was going to be our retirement stop so we used our VA loan with nothing down ( b/c we are still putting kids through college). Now, after being here a year, we know that this is not the place for us for many, many reasons. It's not that we can't afford our mortgage... it's that we hate it here and nothing pre-existing is selling at all , AND house prices in my neighborhood are going down. I do not want to rent out the house... we could never get what our mortgage is anyway. I refuse to be separated from my husband... after 23 years as a military wife, I've had enough of that. So, we have to decide whether we are going to take out a loan to pay the realtor, closing costs, and what would be owed on the mortgage balance, or ... mail in the keys. We have one year to retirement to figure this out and watch the market... but people say it hasn't hit bottom yet. That means we aren't building equity. I guess if you are going to buy a home these days, it better be the old fashioned way with 20% down and stay put till you croak! We made a huge mistake, but life is too short, and it's just a house. Let us know what you decide to do.
Life is too short, that is why its best to do what is in your best interest for you and your family..I agree...We also hope we can walk away without destroying our credit, we did what we can here.. like everyone else...
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The Grass Is Not Greener Anywhere Else...
