 My real estate agent is a slimebag ~ Now what? |
What should you expect from a realestate agent?
I moved 3 months ago and haven't heard anything from them. Should they be contacting me? or only when the house sells?
This is ... |
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 Mortgage Down Fall? |
| What do you think about the houseing problem?... |
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 How to find house or apartments for rent? |
I know about Craigslist but it seems so limited. What are my options for having the most options for locating a new place to rent? Im looking for a place in San Mateo county California.
Thanks ... |
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 Giving 30 Days Notice Landlord: Count Day of Notice? |
| If I gave my landlord a notice dated yesterday (Dec. 12th), do I count Dec. 12th as day 1 of my notice or does day 1 of my notice officially start on Dec. 13th? I have to give her 30 days notice and I... |
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 What are the best upgrades when selling your house? |
| We're thinking of selling our condo and we have about $2000 to make upgrades. We'd love some suggestions on how to get the most return. We've already thinking of updating the range and ... |
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 How does a lower middle class person in Illinois afford to live in California or Florida? |
| I live in Bloomington, IL and would love to live in Ft. Lauderdale, Tampa, LA, San Diego, San Francisco, or in California in general (preferrably southern).... |
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 What can i buy with a £5? |
| i have £5 to spend i know its not much money but i want to get something that i can use so i dont waste my money any ideas?! thank you!!... |
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 My fiance and I are renting a Condo my Dad owns? |
| I am living in a very new (we are the 1st to live there) Condo my Father owns with my fiance. We have lived there with my younger sister (the 3 of us) for the past year and she just moved out. My ... |
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 Should I live at home or with my friend in an apartment? |
| If I am planning on getting married in a year or more, should I live with my parents (saving money, but commuting to school and not as involved at school) or live with my friend in an apartment close ... |
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 I don't know what to do, would you buy a house or pay off a lot of bills? |
| We have saved up a lot of money in hopes of buying a house out of foreclosure (with cash). If we did this we would save $750/month and have a yard for our dogs. It will cost 2k to make the house ... |
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 Foreclosure? |
| My Home is in Foreclosure I owe$30K more than what it is worth!!! Has anyone ever heard of your bank reducing what you OWE on a property to it's current value? I owe $235 and its worth $219K now.... |
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 How do i get my name off of house mortgage my e-wife now is paying for Thur our divorce agreement? |
| gave my share of house to my ex but now i am having trouble getting loans because it shows up still on my credit ... |
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 Does anyone know where I stand on this? |
| I had a standing order from my savings account to pay £300 rent per month to my landlord. When I moved out in March I cancelled the Standing Order by putting it in writing to the bank. However, they ... |
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 Can I be evicted? |
I am planning on moving in with my GF. The thing is that the lease says if anyone else lives there they have to be on the lease.
I do not qualify to be on the lease. If caught can I be ... |
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 Can i get a loan for a house? |
I am a military member overseas.I would not be living in this house for 5-7 years. Am i able to get a loan for this?
Additional Details
yes i am ... |
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 I did a purchase agreement for $ 50,000. To include closing cost. The bank approved this amount.? |
| The seller has came back after his real asking price of $49,000. Says yes he will pay the closing cost if I will pay 53,000 for the house. He says the house should appraise for the 53 amount. Do I ... |
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 What's the worst part of owning a house and the worst of living in an apartment? |
What's the worst of both?
Additional Details
I've got very noisy illegals living next door (the fact they work on farms and don't speak any english is a clue).
... |
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d_guy67 | How do I get rid of a house that I cannot afford, cannot refinance and cannot sell? |
I origianlly purchased my house and then refinance it at 100% on an arm. I purchased another house closer to work and am living in that house now. The intention was to rent out the first house to cover my payment. Now my payment has increased due to the arm. I cannot refinance since I no longer live there. The renters did not work out and the rent no longer covers my payment. I cannot sell because the house is no longer worth what is against it. Help!!! |
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SndChaser
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It's called a short sale. If you find a buyer for your property your agent (hopefully one experienced in short sales) can negotiate with your lender for them to accept less than the loan balance as a payoff for the loan. It's cheaper for them to let you sell it, than it is for them to foreclose, evict, and sell it themselves. |
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bigdonut72
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like most people caught in this trap, you are kind of screwed. You have a couple of choices. 1) find new renters and increase rent (yeah right) 2) sell at a loss, using equity in your current house or a personal loan to cover the amount you still owe 3) start working a second job to cover the second house 4) bankruptcy (talk to a lawyer) 5) let the bank reposess the first house and kiss your good credit goodbye. |
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stinkyhotdogs
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lets thinks about this,seriously what are your options.
you can refi the house you are living in now and take cash out to float your other home payment until you get a renter,
you can pull money from your 401k float payments until you get a renter
You can get roommates to live with you to help pay your payments
you can sell the house you are living in and move back to the other one you cant rent out. |
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Mr Hco
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Rent it out that would be the best thing to do> |
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Charles H
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Talk to your mortgage lender I'm sure this problem has come up before. You may have to sell it at a loss. I'm sorry that you didn't research your refinancing before you did it. A Realtor may help you for a small fee that would be better than ruining your credit rating. |
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skip742
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Sorry to tell you, but there's no way to sell a house for more than it's worth, especially when the housing market is so weak. You've bit off more than you can handle.
You have basically two choices: sell the house for less than what's owed, and bring the extra amount owed to the closing in cash. You might need to take a cash advance off your credit card in order to pay it off, but you made the loan, so you have to pay it off, one way or another. Another possibility here would be to ask your mortgage company to attach the leftover balance to your current house as a 2nd mortgage. They won't be thrilled by the idea, but they may realize that they don't have much alternative if you can't get out of this house any other way. If you're desperate, you might just have to give the house up in a foreclosure, and that would be the worst of all things.
Your second realistic option is to just keep renting the house out and kick in the extra hundred or two out of your paycheck every month to cover the mortgage. I don't think that's an outstanding idea, but it might be your only alternative.
A third option, if it's possible, is to sell your nicer home and move back in to the older place. I know that isn't your preference, but you're in a pretty desperate situation, and you're going to have to do something drastic to get yourself out! So, keep an open mind. |
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Roger C
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Arson is not recommended. |
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ValentineP
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Sell it, even if you take a loss, because it is horrible to lose a house in foreclosure. Your only other option is to do a deed-in-lieu, but that's only if the mortgage company will accept that. Sorry, a deed-in-lieu is when you hand over your deed in lieu of losing your house to foreclosure.
I would try to rent it again, though you may have to pay some of the mortgage on that house.
Or I would sell it, take the loss, and walk away.
Don't foreclose, it's horrible and there's no guarantee that you won't owe money anyway. |
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J*A*K*C
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Well I'd try and rent it again, run an advertisement in the local paper. Check the references. Maybe rent it with the option to buy. If you cannot do that then chances are your going to lose it, as in forclosure. Call your mortgage company and see if there is something you can do. Just try every option you have. I'd still sell, because it's better to sell and owe, than having a foreclosure against you. All the best. |
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KConsults
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You didn't say anything about how much of a gap remains between the amount you could get for rent and your payment. If you can cover the difference, keep renting it out and use the tax benefits to offset your personal income tax liability. Consult your tax advisor as you may end up breaking even or even "cash flowing" after taxes - one of the purposes of owning investment real estate. Adjust your withholding at work to free up cash in each paycheck until you get this settled.
Hopefully your are making the interest only payment as a minimum if you have a pay-option ARM. If you are making only the minimum payment and are accruing additional principal, you have an urgent problem. Talk with your lender (not your loan agent) and see if they are willing to work with you.
I would avoid handing back the keys and walking away as that may be a much more expensive solution in the long run.
Talk with some real estate folks and get their honest opinion of value - get referrals from family and friends.
If you do re-rent it, hold out for the good credit tenants or charge the maximum security deposit allowed by law if you simply must get someone in there. Then, hope they pay!
You are not the only one in this situation. Keep researching and feel free to email directly with questions. Solutions exist and you WILL find the right one for you and work things out. |
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Expert Mortgage Banker
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Depending upon how much the rented house is worth and how much you owe, you may have to go to the closing with cash in hand.
Just because you don't live there doesn't mean you can't refinance. It is only considered a non-owner-occupied property. The rate will be slightly higher.
An option would be to consider refinancing the home you live in now (if there is equity) and pay down the rental, allowing the rent to cover all or at least most of the total mortgage payment.
email me some specifics and I can send you a written analysis of at least a few different options that you can bring to your lenders to ponder.
I've been in the business for almost 2 decades and I'd be more than happy to arm you with the knowledge to get you the best deal wherever you are.
I am only licensed to lend in a few states, so this is by no means a solicitation. I'd just like to help. |
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HeavenlyAngel
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Go to the mortgage lender and turn over your keys to them. Have them draw up a paper stating your agree to give up the property to them. Let them forclose on you. If they refuse the keys...seek legal advice. There are free organizations that offer this called "Legal Aid". Good luck! |
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