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Additional Details
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jd | Can't make payments, house isn't selling -- what should we do? |
Our house has been on the market since December, when we moved out to a rental. We have a 1st and 2nd mortgage and owe $10k on a new roof out of escrow. There are a few interested parties, but nobody's made an offer we can afford. If we reduce the asking price any further, we'll owe money at closing -- money we don't have. We could probably borrow up to 5k from family, but that's it.
We've already negotiated one refi with our lender a few months ago. Now I'm not sure where the next mortgage payment will come from. We have cut back drastically to make ends meet, but it's getting hard. Moving twice in four months has wiped out our small savings, our credit is shot and we don't qualify for a loan.
Moving back to the house isn't an option. We have considered letting the house go into foreclosure, just to wipe our hands of it and start clean. Can we do a short sale with what we owe on the 2nd and for the roof? What are our other options?
Additional Details
Just to clarify -- Our asking price is still well above what we owe to the mortgage company. But when you factor in the $10k for the roof, agents fees and other stuff, it puts us anywhere from 3k to 5k in the hole. One couple wants to offer well above what we're asking, but they also want us to pay closing costs, which would mean we'd need 10k at closing. There's no way we're scraping that together.
Will a deed of lieu work when we have a 2nd mortgage? |
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godged
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You aren't going to "start clean" with a foreclosure on your record. But since your credit is already bad, the foreclosure might not make it that much worse.
If you are prepared to allow the foreclosure, also prepare yourself that you are not going buy anything on credit the next two years, especially another house. Anything you try to buy on credit the next two years will have an atrocious interest rate attached to it.
If you do foreclose, make sure you immediately begin rebuilding your credit. |
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Alterfemego
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Keep making the payments even if they are partial payments. You need to work with your lender on a "short sale". I hope you've been in contact with them before now. If not, please don't waste anymore time, contact their "loss prevention" department. Ask about "short sale" and then ask about "deed in lieu of foreclosure".
I am so sorry you are experiencing this, we are too. CW isn't being very cooperative, but we have managed to find out bits and pieces of information about their position in all of this and plan to use it to our benefit. We're Realtors! So this is touching alot of folks. Best of Luck! |
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mysticgraystar
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Why did you move into a rental? Sounds like that increased your expenses: i.e., mortgage PLUS rent, not to mention if you have kept utilities on in both properties.
Whether or not you can do a short sale will depend on your lender. Do you have the 2nd with the same lender or another? Your lender has ALL THE SAY in accepting a short sale.
You can contact the lender and just sign over your deed in lieu of foreclosure; you can look into bankruptcy-your credit is shot, anyway, the bankruptcy can stop any wage garnishments from other's who may want money after the foreclosure.
Have you tried selling the house yourself? You can subtract whatever commission you would have paid to the Realtor and drop the price by that amount; it may make your house more marketable: a better price?
Whatever you do, please be sure to seek the advice of a real estate attorney. He/she can better assist you with your state laws and options; also, some lenders need a 'push' from a legal source to get off their duffs and refinance. (My neighbor is in foreclosure and her lender would NOT even offer a refinance until her attorney called)
Good Luck. |
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Lesley
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If you are getting offers for less than you owe, you should consult with your mortgage companies about doing a short sale, where you are forgiven for the deficiency (which results in you getting a 1099 for that amount) and don't have to come up with the money at closing. It will not look good on your credit (it is often listed as a Foreclosure - Short Sale), but you will be able to start clean once a short sale goes through.
Just to add, a deed in lieu of probably WON'T work when you have a second mortgage. I've encountered this issue before with a bankruptcy client that was surrendering their house, they just had to let the foreclosure to go through because of that. HOWEVER, if you're only going to be $5k in the hole a short sale should be a very viable option, that's hardly anything compared to the losses a lot of people are experiencing, and I suspect it would only be the 2nd mortgage company losing out on that $5k, so it is possible. At least consult the mortgage companies about this, because they would probably rather avoid the expense of a foreclosure proceeding and do a short sale. |
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ibu guru
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Haven't you tried to find a tenant who can pay enough to cover the expenses? You've left the place vacant all this time? And you are paying rent on another place while this house sits vacant?
To do a short sale the other lien holders have to agree. They won't -- leaves them without any payment. So you would have to pay them off to clear those liens, then negotiate the short sale. If the lender agrees, do a short sale.
If you do a short sale or go to foreclosure and the other liens are not cleared, you have to pay income taxes on the amount of those liens -- being relieved of a debt is taxable income to the IRS. Say you owe $50,000 and sell short, you'll have to cough up about $25,000 more in income taxes (50K added to your total income, you're up a tax bracket on your other income!). |
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zocko
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is it possible to arrange to seperate the roof 10k from the house?
In other words can you sell the house and pay off the roof on a seperate loan? Later? |
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Bad Co.
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Do a deed of lieu, which is a deed to the lender. It will keep from being foreclosed on. Call the lender and see if a deed of lieu is possible. Means "lieu of foreclosure". Good Luck. |
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scherriepye
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Because of today's economy a lot of mortgage companies aren't willing to do short sales, they'd rather work out payment arrangements.
Have you tried doing a modified plan. That's when your current mortgage payment is recalculated @ a lower monthly (more affordable amount).
Also, the market will improve eventually, it just can you hold on until then. I know you said that you were currently renting yourself, but have you considered renting your home.
I do sympathize w/ you, I've been in "real estate" woes before. I couldn't sell (because I wasn't getting my price) and I refuse to give my home away. I contacted my mortgage company and got a modified plan @ a lower interest rate. My monthly payment went from $1900 to $1300.
Good luck, but the best thing to do is to talk w/ your mortgage company, and use foreclosure only as a last resort. You might want to get a home again some day soon. |
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gobonzzo
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You do not say why moving back into the house is not an option, but consider this: the bank does not want to foreclose on you and end up with an empty house they cannot sell. This is a lose-lose situation for them. If you think YOU have a problem, the bank has a bigger one. Real estate like this, after it has been foreclosed, shows up on the bank's annual report as a non-performing asset, something they do not want to have. If you cannot sell it, the bank cannot sell it either, without incurring an even bigger loss, and banks cannot make money by incurring losses like this. So this is as bad a problem for the bank as it is for you, only maybe more so for them.
It is time to make the bank an offer they cannot refuse. Outline the nature of the problem with selling the house, and ask for a temporary change in mortgage terms. Try something like (1) reducing the monthly payment by 25%, 50% or even 75%; (2) temporarily reduce the interest rate to 8%, 6%, 2%, or even 0%; (3) suspend all payments for 1 month, 2 months, or 3 months. Try any combination of wild and outlandish changes in the terms; the worst they can do is to say no.
Tell them why in 6 months, 12 months, a year and a half or two years, your situation will be different and then the terms can revert back to the original. Give them a reason to invest in you, and show them why kicking you out would be worse than keeping you there.
Remember that it is not a good idea to leave a house vacant. Thieves can break in and rip out all the copper pipes or copper wiring. A vacant house in foreclosure drags down property values in the entire neighborhood. It can be taken over by drug addicts and used as a shooting gallery. Any number of extremely bad things can happen when a house is vacant, so you should remind the bank of this. Together with a change in terms, you might be able to get more than you think.
I once had a vice president of Hudson City Savings Bank in northern New Jersey offfer to sell me a 48-unit solid brick apartment building for $1. It can be done if the bank is motivated.. |
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Renterneedshelp
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1. Rent the home out. Even if you can get the renter to cover 3/4 of the costs its better than you covering 100%.
2. Take the loss of 3 to 5k. Seriously consider if you could get the money together, its easier to pay off 3 to 5k than 100's of thousands of dollars.
3. Foreclosure. If your credit is already trashed than you going to pay more for everything for the next 7 years anyway (yep thats right folks, 7 years not 2. Items remain on your credit report for 7 long years and impact your score for that entire time). The nice part is that you probably shouldn't be buying a home in those 7 years anyway, especially since you couldn't keep this one. Save money, teach yourself how to manage your finances better, buy what you can actually afford in cash (not credit), etc.
4. Have you tried calling the several phone numbers set up to help people facing foreclosures? They may be able to help you out. |
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