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I just got a new job almost an hour away and we would like to move closer to where I work. We still owe almost $250,000 on our house but it is worth only about $210,000 if we sell it .We do not want to do a short sale . Is there anyway that we can carry the rest of the mortgage after we sell? It is a townhouse and we have a HOA that doesn't allow us to rent out the house .
Any advice ?
TIA
Your current loan is tied to your house. Most likely, it's not transferrable.
So you can't sell the house and carry the rest. You need to come up with the difference to sell. In other words, you will be paying money to sell your house at closing.
Your current loan is tied to your house. Most likely, it's not transferrable.
So you can't sell the house and carry the rest. You need to come up with the difference to sell. In other words, you will be paying money to sell your house at closing.
Yes indeed. You have to either come up with the cash at closing, short sale, foreclose or do the one hour commute.
You can also talk with the bank that owes your mortgage and explain your situation. They may loan you the difference between the selling price and the mortgage amount. To me it sounds like it would not be worth paying 30K shorten my commute.
In good times , people floated all kinds of paper , in sitations like this. The most common was to get a mortagage on a new home ( in the area where you work ) , before you were foreclosed , or defaulted on the old underwater home. Usually you needed help with an inflated value or apraisel on your old place. Sometimes you could just roll over the loan amount , and into the new Mortagage , again inflating the price of the new mortagage. Not uncommon as well to get enough extra out of the deal for a new car...to go with the new house !
I just got a new job almost an hour away and we would like to move closer to where I work. We still owe almost $250,000 on our house but it is worth only about $210,000 if we sell it .We do not want to do a short sale . Is there anyway that we can carry the rest of the mortgage after we sell? It is a townhouse and we have a HOA that doesn't allow us to rent out the house .
Any advice ?
TIA
Home Owners Associations can be pains....lol
First - why would you want to carry the mortgage after you sell it? I can respect you are being honest, 99.99% of the people are not looking pay anything after they sell their property's.....
By doing just a short sale and the home doesn't sell, it can continue into foreclosure. Having a foreclosure of your credit report will cause your score to take a nose dive 200 to 400 point lower. You are opening yourself to a whole host of problems for the next ten years.
Your best course of action is a deed in lieu - why, if the home can not be sold after three months, the lender will get the property and you will be release of the debt.
A deed in lieu encompasses a short sale, but the benefits out-way just doing a short sale by itself.
Send me a personal message if you want more information.
I really depends on his lender. My company frowns upon deed in lieu's while others will accept them. Wanting to shorten a 1 hour commute is not really a valid reason to bail on a property. It is not worth the credit hit in my humble opinion.
A deed in lieu of will hit your credit like a foreclosure AND be treated as such when trying to buy another house.
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