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Old 08-06-2012, 09:27 PM
 
1,641 posts, read 2,377,470 times
Reputation: 704

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So, here is my situation. I've purchased a house near KSU back in 2008. 3 years after, I moved to DC for a job. The pay is very good and I am doing well. I plan on living here for a bit longer. But I'm at a point where I'm paying mortgage and rent for apartment up here, which tallies near $3500 a month, which is just ridiculous.

I rented my place out before, but the kids who lived there ended up doing about $4000 in damage. Since I'm not in GA, it's almost like free reign to do whatever they want to. I tried finding a property managers, but honestly, I'm sure I'm still going to have to cover some of the mortgage, property manager fees, plus get wear and tear on the house.

How the hell do I get rid of this house? I'm leaning toward short sale. My mortgage is 80/20, so I'm screwed on 20 either way, and even though my mortgage is Fanny mae, I don't qualify for HARP for some odd reason.

Short of strategic bankruptcy, is there any way to get out of this responsibility/burden?

I'm underwater about $40k or so....

HELP!
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Old 08-07-2012, 07:50 AM
 
Location: ๏̯͡๏﴿ Gwinnett-That's a Civil Matter-County
2,117 posts, read 5,497,642 times
Reputation: 3518
Quote:
Originally Posted by Plokivos View Post
How the hell do I get rid of this house?
That is a question for your mortgage co. Try to negotiate a principal reduction so that you can price the house at a price that will sell without taking too much of a bath.

If you can't get them to do that (and don't be surprised if they won't), you might ask them about doing a short sale. I've read that a short sale takes just as much of a hit on your credit as a full blown foreclosure.

When talking to your banksters, do not say anything about you not living in the house any longer, renting it out, damage etc. Just tell them you can't afford the payments any more and what can they do to help you keep your home.

You might get more insightful answers if you post this in one of the real estate forums on city data.
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Old 08-07-2012, 10:32 AM
 
Location: Acton, MA
2 posts, read 2,012 times
Reputation: 10
Quote:
Originally Posted by Plokivos View Post
So, here is my situation. I've purchased a house near KSU back in 2008. 3 years after, I moved to DC for a job. The pay is very good and I am doing well. I plan on living here for a bit longer. But I'm at a point where I'm paying mortgage and rent for apartment up here, which tallies near $3500 a month, which is just ridiculous.

I rented my place out before, but the kids who lived there ended up doing about $4000 in damage. Since I'm not in GA, it's almost like free reign to do whatever they want to. I tried finding a property managers, but honestly, I'm sure I'm still going to have to cover some of the mortgage, property manager fees, plus get wear and tear on the house.

How the hell do I get rid of this house? I'm leaning toward short sale. My mortgage is 80/20, so I'm screwed on 20 either way, and even though my mortgage is Fanny mae, I don't qualify for HARP for some odd reason.

Short of strategic bankruptcy, is there any way to get out of this responsibility/burden?

I'm underwater about $40k or so....

HELP!
Hi,
I am a local Realtor. I live in Acton, MA since 1997, and work for Coldwell Banker RB in Westford office. I would like to help you selling a house. Please call me at (978) 621-7331, or email me at irene.elsinovsky@nemoves.com.
Regards,
Irene Elsinovsky
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Old 08-07-2012, 10:36 AM
 
Location: Acton, MA
2 posts, read 2,012 times
Reputation: 10
Default Buy or sell a house in Westford, Acton and surrounding towns.

Hi,
I am local Realtor with Coldwell Banker Residential Brokerage, Westford office. If you need to sell or buy a house, I will be glad to help you.
Please call me at (978) 621-7331, or email me to irene.elsinovsky@nemoves.com.

Regards,

Irene Elsinovsky
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Old 08-07-2012, 04:10 PM
 
9,124 posts, read 33,304,284 times
Reputation: 3570
Why would someone hire a realtor in Massachusetts to sell a house in Georgia? Are you that good??
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Old 08-07-2012, 07:46 PM
 
1,641 posts, read 2,377,470 times
Reputation: 704
Quote:
Originally Posted by BobKovacs View Post
Why would someone hire a realtor in Massachusetts to sell a house in Georgia? Are you that good??
haha, that's what I was thinking. I live in DC, but the house is in Kennesaw GA.

The house is in mint condition. The last time it was damaged, I fixed all of it, new paint, etc. My house is on the corner unit, so I have a lot of windows, but all of the windows in my house is gas filled double pane windows, which with even a slight hole, it'll leak the gas, and then it'll moist up. Stupid windows were $400 a pop for a panel.

I guess the biggest problem is the 80/20, plus the loan is split to two different banks. I don't care too much about my credit. I have credit card debts, but I make enough money that if I get rid of my house, I can save up enough that I don't ave to worry about anything credit related. My car is paid for and I don't spend that much money.

I'm talking to a property manager now, but I don't know... I'm damned if I do, and damned if I don't. If I rent it out, money's still going out and I might get a bigger damage this time. If I don't, I have to pay mortgage and keep the house empty.

I mean, it's not like near KSU is a vacation spot where I could rent it out. haha
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Old 08-07-2012, 08:00 PM
 
1,641 posts, read 2,377,470 times
Reputation: 704
BTW: Don't add me unless you're a real estate agent who knows how to sell 80/20 underwater house through short sale without damaging credit, or a property manager that doesn't charge an arm and a leg for monthly fees that can get tenants in the house quickly.

Thanks!
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Old 08-07-2012, 11:38 PM
 
4 posts, read 4,916 times
Reputation: 10
Hi - I own rental properties near KSU. Because it is a college area, you may be surprised at how much rent you can get for your house (high demand area) and how little upkeep it truly needs to be rentable (college kids aren't picky!). How much is your monthly payment? Feel free to PM me and we can discuss further
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Old 08-08-2012, 07:10 AM
 
Location: ๏̯͡๏﴿ Gwinnett-That's a Civil Matter-County
2,117 posts, read 5,497,642 times
Reputation: 3518
Plokivos... it sounds like Shelle2184 wants to buy your house.
Congratulations.
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