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Fabo | I brought a house last year, it's been about 6-7 months. Is there any way out? |
I might have to go away because of military, beside selling it, is there anyway out of the loan, the contract with the mortage company and so on. basically give back the house and say I don't want it anymore.
It's a brand new house, I can more than afford it so that's not the deal. I just might have to go back overseas and don't have anybody to take care of it for me.
thanks for the answers.
Additional Details
I meant to write bought |
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♥ B3autiful ♥
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ur stuck chuck |
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carpediemmaster
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rent it out and let a management company collect the money and oversee the maintenance!!! |
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SAMD010
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You brought it from home? . . . I don't get it . . . You brought your home from home? . . ??? |
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Navy Sailor - GAI
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Don't give it back to the bank. Rent it. Go to the Housing Office on your base and look into renting it to another military family. You can also go to almost any real estate company and pay them to get it rented for you and take care of everything from month to month. Why screw your credit just because you are transferring? Just make sure you charge more than the mortgage and get a serious deposit and first and last months rent. Put anything and everything into a lease agreement also. We rented out house to an AF Major and his family treated it like an E1 18 year old. Get everything in writting and never give a refund back before you look at the house yourself. Take LOTS of pictures of the house before you rent it so you can go to court if you need to. The best bet is to start asking EVERYONE you know if they need to rent a house or know someone. It is a little better if you know the person you are renting to. |
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MagPookie
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Yes, there's a way out. It's called selling your house! Get a realtor. They can help you sell the house even if you're not physically here. |
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sarah_b2_sweet
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where did you bring it to? |
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Jess
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You can either sell it or rent it out. You could have someone in your family or someone you know in the area manage it for you. Maybe even pay them a percentage of what you get from the rent. Good luck! |
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takeme2thebnk
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More than likely you can. If you can't just have someone rent it from you, and have a property management company look over it while you're gone. You can pay them a percentage of monthly rent.
EDIT: I need to start actually reading the questions. You won't be able to give back anything. Your best bet is renting it out. |
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TwilightTwin2
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sorry, it's yours. no returns. maybe think about renting it out. |
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rivasj27
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Yes.. call the mortgage company and tell them you are deploying and you need to know what your options are. I am sure they have dealt with this situation before. Better to try to save your credit than blow it off. |
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Nurse Diesel
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You can default on your mortgage (this will ruin your credit)
You can sell the house.
You can rent it out. |
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starlight
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One thing that you may consider is renting it out to someone. Find a family member or someone you are close to act on behalf of the landlord and find some good renters who have good references. You could also give the renters an option of "rent to own" where they rent from you until they are in financial good standings to actually purchase the house from you. You will not only get first and last rents, but a down payment right off the bat too.
Talk to a real estate agent about your options, you already bought the house, so why not keep it, especially if it's the only mortgage you have. After a couple of years of renting it, the payments from the renters would have brought your mortgage down, so even if you end of selling it in a couple of years, if the market has gone up or stayed the same, you'll be able to make a profit off of it.
One thing you'll have to make sure you check into is make sure that your mortgage lender knows that it is no longer your primary residence in case there is a problem in the future of missed payments, that way you are covered.
Talk to a real estate agent to see what options are available and what they think you should do with a house in that area based on your situation. They are there to help, and they will since it is going to make them some money.
Good Luck |
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messageboardpirate
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Burn it and collect the insurance. |
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Doctor J
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Your best bet may be to hire a property management company to rent/lease it for you. They will manage the property and the tenants while you are away.
Best wishes for you while you are overseas, and a huge thank you for your service!!! |
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casapulla2001
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No, you'll have to sell or rent it out... have a buddy, cousin, uncle etc. look after it/manage it... (as your estate) while you're away... if you rent it... but, as you know already.. you prob. have to have a beneficiary on your Life Insurance (with the Fed. gov.?) and that person or their guardian maybe should be involved with the Real Estate, too? A management company can be hired.. but, you want to make sure that in the 100/1 situation that it doesn't fall to their ownership or the County -- you want someone to own it, that you care about.
GL |
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gromit1203
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Have you considered renting it out?
You could contract a Realtor to manage the property for you. |
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Don G
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rent it |
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LeChatNoir
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Your best option would be to sell it. If you let it go back to the bank you will have a foreclosure on your credit. If you can afford it, why not just have the mortgage deducted from your account and leave it empty or rent it out. You could even get someone to house sit for you so you don't have to store your furniture. There are many options. If you rent it out, you will have some of the mortgage covered. Have someone you trust, deposit the checks in your account for you, like your parents. |
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jamal
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yes, its called foreclosure. Best bet would be to immediatly put it on the market and hope it sells before you leave. |
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♥Jennifer C♥
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rent it out l dont know try talking to the bank that loaned u the $ |
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crazybones
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Sure there is. One way you can get out is to find an investor that may be willing to buy your house from you, but I'll inform you that he's going to try and get it at a wholesale cost. So if you don't mind losing a little they will be happy to take the property off your hands. Also you can use it as an investment property for yourself and just use it as a rental, that way someone else pays your mortgage you and in about 20 yrs. you'll profit from it. |
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Crystal B
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Rent it out. We're doing the same thing because we couldn't sell, and we're making about 1/2 the cost of our monthly mortgage. Good luck! |
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goodmaja
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Other than walking away from the house and letting it foreclose, there really aren't many good options.
One option is getting a realtor to rent if for you and using it as an investment property until the market improves. Hopefully the rental income will pay for most of the mortgage and property tax. You can use the paper losses to offset other income and lower your taxes. Then you have the flexibility to wait out the market and sell later.
Good luck. |
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hwky
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If you are in the military, you may want to talk to your commanding officer about this... |
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A.J.
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You brought a house! That must have weighed a lot! |
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Jacob Smith
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Way out? how about the door?
Heh heh
FUN!: http://www.goblinz.net/r/5354 |
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Pat
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You can turn it back over to the mortgage company but I do believe this will still show as a foreclosure on your credit even though it was voluntary and not a 'repo' if you will. |
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sstruffle
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no,you BOUGHT a house!did you ever learn grammer? |
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Expert Realtor
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Why not find a managment company to rent it out until it can be sold?
That way you won't destroy your credit with a foreclosure. |
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katy k
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You brought a house? Like in the car?
You would have to explain the situation to your mortgage company. Or get someone to rent it while you are gone. It would be a shame to lose your house. |
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