U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-05-2009, 12:46 AM
 
Location: Your Mom's House
1,251 posts, read 3,059,913 times
Reputation: 766

Advertisements

So, we're pretty much like thousands of other home owners are currently. Wife & I bought a house a couple years ago, bottom dropped out, are now WAY upside down in our mortgage & will probably have to move to another state on account of a job.

My wife & I are both on our loan. So to lesson the damage of the short sale or foreclosure to our credit, we were thinking of maybe letting one of us out of the loan & taking either mine or her name off so that we don't completely screw both our credit scores for the future. Is this even possible?
Reply With Quote Quick reply to this message

 
Old 02-05-2009, 08:17 AM
 
930 posts, read 2,121,517 times
Reputation: 1000
How about transferring the loan to your 3 yr old?

No it isn't possible. You would need to refi, the lone spouse would need to qualify, and nobody is going to refi an underwater home.
Reply With Quote Quick reply to this message
 
Old 02-05-2009, 11:52 AM
 
Location: Your Mom's House
1,251 posts, read 3,059,913 times
Reputation: 766
Durrr. How 'bout not making smartass posts? Seriously, just dont reply if that's how it is. Its about the last thing I wanna hear right now.
Reply With Quote Quick reply to this message
 
Old 02-05-2009, 01:41 PM
 
1,340 posts, read 3,233,078 times
Reputation: 447
Quote:
Originally Posted by KerryB View Post
Durrr. How 'bout not making smartass posts? Seriously, just dont reply if that's how it is. Its about the last thing I wanna hear right now.
They answered your question and the comment you suggested was rude was a reason why it is not feasible.
Reply With Quote Quick reply to this message
 
Old 02-05-2009, 07:42 PM
 
Location: Durham, NC
426 posts, read 1,296,194 times
Reputation: 176
Quote:
Originally Posted by NatasNJ View Post
They answered your question and the comment you suggested was rude was a reason why it is not feasible.
Still, it was a legit question and it didn't need such a snarky response. This is a hard time and the OP is trying to figure out how to make this situation less bad for him and his wife.
Reply With Quote Quick reply to this message
 
Old 02-14-2009, 11:54 PM
 
739 posts, read 2,695,759 times
Reputation: 308
What about renting it out? I doubt you will make the total up for mortgage. But, when you move, get an apartment instead that cost less than you were paying. Maybe between the less expensive condo and the difference in rent, you can stay even and afloat without going into foreclosure? Wait out the market and sell when back up? It might be a sacrifice, but it is better than a foreclosure.
Reply With Quote Quick reply to this message
 
Old 02-16-2009, 12:59 PM
 
2,838 posts, read 8,846,159 times
Reputation: 2857
I don't really have any advice, but I can commisserate... we were in the same situation (upside down even though we had a traditional mortgage, and DH lost his job, had to transfer out of state, house was worth less than half of what we paid, and renting would bring in less than half of the mortgage payment). We're currently supposed to close this month on a short sale. We'll see.
Reply With Quote Quick reply to this message
 
Old 02-16-2009, 05:11 PM
 
739 posts, read 2,695,759 times
Reputation: 308
Quote:
Originally Posted by beanandpumpkin View Post
I don't really have any advice, but I can commisserate... we were in the same situation (upside down even though we had a traditional mortgage, and DH lost his job, had to transfer out of state, house was worth less than half of what we paid, and renting would bring in less than half of the mortgage payment). We're currently supposed to close this month on a short sale. We'll see.
That stinks. I hope all works out for you with the short sale.
Reply With Quote Quick reply to this message
 
Old 02-16-2009, 06:37 PM
 
Location: Your Mom's House
1,251 posts, read 3,059,913 times
Reputation: 766
Well, I guess we'll just try to ride it out & see if the bank can work with us. We could stay put, but its not really in our best interest job wise, so I guess we're basically stuck with a crummy job, lower income in a less desirable town on account of the market situation. Stinks, but thats the gamble we took I suppose for home ownership. So, we're the ones who are ultimately to blame for this since we took the property for better or for worse.

If the bank doesnt wanna play ball, we're pretty much screwed. So I think it will be in everyone's best interest to work out something seeing that no one wins if there is a foreclosure. We'll see. It would probably serve us right though.
Reply With Quote Quick reply to this message
 
Old 02-17-2009, 11:44 AM
 
25,346 posts, read 37,490,972 times
Reputation: 13268
I have seen in happen in my neighborhood...First they put the loan in one name even while they have a lien of the home and are having lis pendens...than they divorce and move out in the middle of the night...I guess everything is possible...but the one thing I don't know....will they get a judgment later and are they still responsible for a large amount...that would make it much better for others...now we get the feeling they are getting away with this...
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top