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I wish we could just sell the place......even at a $40K loss but no one is buying. I guess we could list it but almost seems like a waste of time.
In all honesty and it is the last course of action if the renting route went sour.....I could just stop making payments on the condo and then ask for a loan modification.
It is kind of ass backwards that if don't pay your loan they will help you but if you do they wont. At 6 3/8 I could really benefit from a refi!
Will your taxes go up on the place you would be renting out? In my area, many times the taxes double on a non-owner occupied because you no longer get the exemption. Would be landlords forget to figure that part in all the time. Might or might not be true for your area.
I guess in essence what we are really trying to do is buy a 2nd home. It is frustrating as I should have rented 4 years ago. DUMB! We are 2 people with solid stable jobs with decent earnings, solid credit scores, and $120K in the bank and due the market ****ting the bed we are stuck. I know I am not alone but doing everything "right" turned out to be the worst financial decision I have made in my life.....so far.
Will your taxes go up on the place you would be renting out? In my area, many times the taxes double on a non-owner occupied because you no longer get the exemption. Would be landlords forget to figure that part in all the time. Might or might not be true for your area.
My realtor did not mention anything about changing taxes. I will ask. In the 4 years I have been there the taxes and HOA fees haven't moved. At least not that I noticed.
I guess in essence what we are really trying to do is buy a 2nd home. It is frustrating as I should have rented 4 years ago. DUMB! We are 2 people with solid stable jobs with decent earnings, solid credit scores, and $120K in the bank and due the market ****ting the bed we are stuck. I know I am not alone but doing everything "right" turned out to be the worst financial decision I have made in my life.....so far.
My my take on it is that you would be making a mistake taking on another huge mortgage at this point. I understand that you are thinking starting a family but consider this. Most people who buy a house for family reason has to do with location because of school. In your case, that's not something to worry about for another 5 years.
So basically stay where I am, don't have any kids, wait till the market turns around (which could take forever) and be basically miserable as we do not like living here anymore.
That sucks.........I am close to saying **** it and give the house back to the bank. I am paying PMI....so they are covered. I know terrible attitude.
Question. Do you ever factor in the taxes you get back from paying all the mortgage interest? I mean If I did go ahead with the plan I would stand to probably get back 15K in taxes after I file. Wouldn't it be wise to use some of this money to pay the property taxes and not have the bank escrow the money for taxes? It would keep my monthly expenses down.
I wish we could just sell the place......even at a $40K loss but no one is buying. I guess we could list it but almost seems like a waste of time.
How much below your mortgage balance is the condo market?
Do you know any landlord types?
It'll hurt... but only for the year or so it takes to recoup that amount from rigorous saving. Taking that loss on the chin will allow you to move forward.
How much below your mortgage balance is the condo market?
Do you know any landlord types?
It'll hurt... but only for the year or so it takes to recoup that amount from rigorous saving. Taking that loss on the chin will allow you to move forward.
good luck
We owe 199K.....Best selling price 160K, more realistic $140-$150K. A unit not as nice as mine just sold for $151 on July 26 and another **** unit sold for 125K. I have a top floor unit with high ceilings which are the most desirable in the complex.
After paying back the bank and the real estate and closing for a sale price of $150K we would probably be taking a 60K hit.
So basically stay where I am, don't have any kids, wait till the market turns around (which could take forever) and be basically miserable as we do not like living here anymore.
That sucks.........I am close to saying **** it and give the house back to the bank. I am paying PMI....so they are covered. I know terrible attitude.
The "deal" with Markeplace is that they find a renter for your house and guarantee you the rent payments. They charge you one month's rent annually for their service, but they handle all the maintenance and landlord stuff for you. Their real incentive to do this is that you buy a house from one of their partner builders and they get a commission on that sale. I looked into their program for myself, but it sounds like it would be a good fit for your situation. Unfortunately, it won't work for me because I already have a large house and they won't guarantee rent payments of more than $2000/month. I'm actually hoping to downsize a little for our next house, or at least downsize the purchase price...
Anyway, it's worth looking at. The person I talked to for the sales consultation was really nice and he wasn't pushy at all.
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