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Old 07-30-2008, 09:40 PM
 
3 posts, read 10,365 times
Reputation: 11

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I have simular problem as others. My job is going to be lost in 1 mth, but I did find a new job in another state. I knew that the writing was on the wall, so we have tried for 12 mths to sell our home ... as aggressive as we could. With the forecasts looking gloomy I am not sure when or if we will be able to sell with in the next 12mths. It is just so slow. 7 showings in 12 mths. Our home is very competive with all the other homes in our city.

I can take a second mortgage in our new place of residence. And then I would need to foreclose on this 1st mortgage. I could rent but with in 8-12mths I would foreclose on the 1st mortgage anyways.

The state I live currently is in Montana and the state I am moving to is Michigan.

What will or could happen to me if I foreclose on my 1st home after taking a new mortgage in my new state?

Thank you
MT Home
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Old 07-31-2008, 05:15 AM
 
2 posts, read 6,651 times
Reputation: 10
heyy MtHouse about what u r talking i don't understood ur thoughts

please come clear with ur thoughts so that i can suggest or comment

Stop Foreclosure
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Old 07-31-2008, 11:52 AM
 
109 posts, read 348,411 times
Reputation: 50
If you purchase a new home in MI and they run a credit check on you, the 1st mortgage will show up and will be included in your debt ratio. That will restrict your purchase power in MI. Can you rent the property in MT or lease with an option to purchase?
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Old 07-31-2008, 12:09 PM
 
Location: Cary, NC
1,036 posts, read 3,627,137 times
Reputation: 503
Quote:
Originally Posted by MtHouse View Post
I can take a second mortgage in our new place of residence. And then I would need to foreclose on this 1st mortgage. I could rent but with in 8-12mths I would foreclose on the 1st mortgage anyways.

The state I live currently is in Montana and the state I am moving to is Michigan.

What will or could happen to me if I foreclose on my 1st home after taking a new mortgage in my new state?

Did you already buy a new home in Michigan? If not, it will not only be difficult to buy a new home with another one on your credit report.... but wouldn't it be better to try to reduce expenses and not run up more debt?
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Old 07-31-2008, 01:58 PM
 
392 posts, read 1,400,307 times
Reputation: 134
try everything you can to rent your current house until the market turns around.
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Old 07-31-2008, 02:29 PM
 
Location: Durham, NC
1,364 posts, read 5,446,722 times
Reputation: 756
Price it lower.

7 showings in 12 months isn't the worst I've heard of, but if you're that up against it, price it lower. Don't price competitive with comps, price BELOW comps.
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Old 07-31-2008, 03:41 PM
 
Location: rain city
2,956 posts, read 11,040,330 times
Reputation: 4865
Go to Michigan for the job and there rent a place to live until you unload the house in Montana.

We did the same thing a few years ago. Moved away and left the unsold house behind. Neighbors kept an eye on the place, the house had a lot more showings empty and certainly looked better without all our kids and dogs and crap in it, and it sold 2 months later.
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Old 07-31-2008, 08:27 PM
 
3 posts, read 10,365 times
Reputation: 11
The house in MT is difficult to rent and wear-tear would be unacceptable. The combination of rent + mortgage on the MT house (2x the price of the Michigan home) is really tough financially. Also with change in my job, my salery will decrease by 15%.

We could continue our mortgage for the MT home and rent in Michigan, but we would start racking major debt becuase some other obligations (my wife's education) and above factors.

It is difficult times.

mtHouse
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Old 07-31-2008, 08:51 PM
 
Location: rain city
2,956 posts, read 11,040,330 times
Reputation: 4865
You're moving to Michigan for a job with a decrease in salary?
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Old 07-31-2008, 09:19 PM
 
5,264 posts, read 8,045,719 times
Reputation: 3461
Quote:
Originally Posted by MtHouse View Post
The house in MT is difficult to rent and wear-tear would be unacceptable.

So a foreclosure is better than some wear & tear?

Here's the right thing to do: slash the price of your house until you're getting people through the door and an offer on the table. Even if you have to bring money to the closing table, you do it.

If you still can't sell - turn down the Michigan job and stay in Montana and fulfill your obligations on the mortgage until it sells. Work two jobs if you have to - that includes your wife too.
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