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Old 07-31-2008, 09:35 PM
 
3 posts, read 10,371 times
Reputation: 11

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My job, I have no other alternative. There is no job in MT at the end of this coming month. We have slashed the price and added to pay buyers closing costs ... no takers. On and On I could go into what makes this situation either foreclosure now or latter without a house. We have looked into all alternatives.

MThouse
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Old 07-31-2008, 10:42 PM
 
109 posts, read 486,991 times
Reputation: 39
Hey MtHouse maybe this will cheer you up, not all people have the same morals and standars, do what it is best for your family and you.


When to walk away from a mortgage - MSN Money
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Old 08-01-2008, 08:35 AM
 
3,751 posts, read 10,215,556 times
Reputation: 6560
foreclose.

You may have to rent in MI, depending on the hit to your credit. But housing in MI is dropping dramatically due to economy woes there.

If the only people in MT who could have bought your property are losing their job (like you are) - unloading it will become more and more difficult. Sometimes you HAVE to walk away.

good luck!
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Old 08-01-2008, 12:35 PM
GLS
 
1,985 posts, read 4,742,193 times
Reputation: 2406
Quote:
Originally Posted by MtHouse View Post
My job, I have no other alternative. There is no job in MT at the end of this coming month. We have slashed the price and added to pay buyers closing costs ... no takers. On and On I could go into what makes this situation either foreclosure now or latter without a house. We have looked into all alternatives.

MThouse
Here are some miscellaneous (and off-the-wall thoughts) out of desperation:

1. Approach businesses and employers in Mt to buy/rent it as a "corporate
retreat/guest house' for visiting consultants, executives, job applicants,
etc.
2. Approach your new MI employer for a "swing loan" until the market
changes in MT. I did this once in the past and my new employers lent
me $40K for two years at 0% interest using my house as collateral.
I paid it back 18 months later when the market improved and I sold my
old house.
3. Creative marketing? Have you considered an auction or selling on E-Bay?

I apologize if the above is too weird, but you didn't give us much info about your current house, the area in Montana, etc. I do agree with the other posters that you are going to have to slash the price enough to get rid of it. However, I also think you need to consider creative methods beyond the traditional. Good luck.
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Old 08-02-2008, 08:51 PM
 
43 posts, read 189,883 times
Reputation: 32
What most of these posters don't have to deal with is trying to sell a house in this market. Like the guy that told you to move out and it will sell. Please. Yeah, he sold his house way back when you could. I'm in the same boat, and I've tried posting threads on this site looking for answers. Once in a while you get a good response, but most peeps throw out suggestions like "work two jobs, sell on ebay, and best of all...borrow money from your new employer" The fact is that a lot of people have an ax to grind because they fear their house going down in value during this crisis, or that they will have tax implications. Don't listen to them. I did. I rented my condo out for two years trying to sell it simultaneously. Not only has it cost me 24K in subsidizing the rent, now it's gone down another 70K in value since I moved for work. I have a short sale contract on it now, and we are beginning the process with the lender. Bad news is, ironically, that I haven't been late on the payments. Ha! Without lates, lenders have no reason to entertain short sales. I'm not going to tell you what to do, but I know what I'm doing if this short sale doesn't go through!
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Old 08-03-2008, 01:40 PM
GLS
 
1,985 posts, read 4,742,193 times
Reputation: 2406
Quote:
Originally Posted by formerLVguy View Post
What most of these posters don't have to deal with is trying to sell a house in this market. Like the guy that told you to move out and it will sell. Please. Yeah, he sold his house way back when you could. I'm in the same boat, and I've tried posting threads on this site looking for answers. Once in a while you get a good response, but most peeps throw out suggestions like "work two jobs, sell on ebay, and best of all...borrow money from your new employer" The fact is that a lot of people have an ax to grind because they fear their house going down in value during this crisis, or that they will have tax implications. Don't listen to them. I did. I rented my condo out for two years trying to sell it simultaneously. Not only has it cost me 24K in subsidizing the rent, now it's gone down another 70K in value since I moved for work. I have a short sale contract on it now, and we are beginning the process with the lender. Bad news is, ironically, that I haven't been late on the payments. Ha! Without lates, lenders have no reason to entertain short sales. I'm not going to tell you what to do, but I know what I'm doing if this short sale doesn't go through!
Yeah, you're right. Don't listen to anyone posting here who is trying to help. Your way is really working.
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