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Old 10-26-2009, 10:39 PM
 
102 posts, read 271,930 times
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I need some positive opinions on a matter I have to deal with.

We have a 3bed/2bath condo in Atlanta suburbs that we are behind on the mortgage...it is in pre forclosure. Have this place for 3 years. We are moving to another state soon and is wondering if we should try to sell it or try to hang on to it for the potential future benefits. Tried refinancing - got turned down by BOA.

Is there a site that we can go to to help us determine this ?

Very confused((

Last edited by slmaol; 10-26-2009 at 10:41 PM.. Reason: adding info
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Old 10-26-2009, 10:44 PM
 
Location: I think my user name clarifies that.
8,292 posts, read 26,619,913 times
Reputation: 3925
If you're in pre-foreclosure, and are moving out of state, there will be no future financial benefits for you in this property.

Thought it's a tough market right now, you need to do everything within your power to sell the condo.

Owning a home in a different state is really tough. Having renters in a home you own in another state is almost a guaranteed nightmare.
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Old 10-26-2009, 10:52 PM
 
102 posts, read 271,930 times
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Yeah I was thinking of that too and figured having a property management company could help me out - but I guess they can and will do so much.....

I am going off to complete college and hoped the equity could help with tuition later down the road...
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Old 10-26-2009, 10:56 PM
 
Location: I think my user name clarifies that.
8,292 posts, read 26,619,913 times
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Quote:
Originally Posted by slmaol View Post
Yeah I was thinking of that too and figured having a property management company could help me out - but I guess they can and will do so much.....

I am going off to complete college and hoped the equity could help with tuition later down the road...
Property management companies are expensive, but may be better than the alternative.

What kind of equity do you have in this house?
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Old 10-26-2009, 11:02 PM
 
102 posts, read 271,930 times
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Only about 8K - is it even worth it ?

With our credit ruined - can we sell now and hope to get another home loan - that was another worry.
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Old 10-26-2009, 11:13 PM
 
Location: I think my user name clarifies that.
8,292 posts, read 26,619,913 times
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Quote:
Originally Posted by slmaol View Post
Only about 8K - is it even worth it ?

With our credit ruined - can we sell now and hope to get another home loan - that was another worry.
Are you thinking it's worth $8,000 more than you owe on it? Because if that's the case, Realtor fees and misc closing costs will eat that up pretty quick.

Regarding the potential of another home loan... Well, that's going to take time and hard work to rebuild your credit score.
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Old 10-26-2009, 11:51 PM
 
102 posts, read 271,930 times
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Yes that is the estimate based on recent home sales in the area. If we sell it - the worry was not being able to get another loan in the future.

But I guess if thats what we have to do then its best to do it and start over.....though its a hard pill to swallow.

sure appreciate your time Omaha !
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Old 10-27-2009, 06:11 AM
 
Location: I think my user name clarifies that.
8,292 posts, read 26,619,913 times
Reputation: 3925
Quote:
Originally Posted by slmaol View Post
Yes that is the estimate based on recent home sales in the area. If we sell it - the worry was not being able to get another loan in the future.

But I guess if thats what we have to do then its best to do it and start over.....though its a hard pill to swallow.

sure appreciate your time Omaha !
If you're able to get out from under that mortgage loan, and pay it in full, your credit should actually improve - though they do like to jack around with credit scores a lot.

This may sound cheesy... But watch some of those HGTV shows about staging your home in order to sell it. Make it a showpiece. You might get lucky and be pleasantly surprised!
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Old 10-27-2009, 06:52 AM
 
Location: Mid-Atlantic
1,820 posts, read 4,485,294 times
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Quote:
Originally Posted by Omaha Rocks View Post
If you're in pre-foreclosure, and are moving out of state, there will be no future financial benefits for you in this property.

Thought it's a tough market right now, you need to do everything within your power to sell the condo.

Owning a home in a different state is really tough. Having renters in a home you own in another state is almost a guaranteed nightmare.
I would try to sell it as well! we have a home that we have been trying to sell right now in a different state due to a relocation... We have tenants right now in the home but they are not paying what we wanted them to pay in rent, so we are still kicking in money every month for that house as well as the house we are living in, in our new state....
Not fun having a home in a different state,especially if anything goes wrong,etc....
Can't get an adjustment on our mortgage on the house we have renters in because we haven't defaulted on our mortgage...
Funny how things work....
I am not going into this again ,but it is a true nightmare and I would do everything in your power to get rid of it...
Then again, you have already defaulted, you will probably get help!
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Old 10-27-2009, 07:15 AM
 
328 posts, read 884,610 times
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It depends. How much can you rent it out for? Will it cover the mortgage and related expenses?

You mentioned that you tried to refi but BOA said no. Did you try FHA? Do you have equity in the home? There are programs available. Contact Neighborhood Housing Services and speak to a housing counselor.

You need to weigh all of your options before you take action.

Good luck.
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