Jump to content




Welcome to CreditBoards!


Sign In 

Create Account
Welcome to CreditBoards! Like most online communities, you must register to post in our community, but don't worry - this is a simple process requiring minimal information for you to sign up. Be a part of CreditBoards by signing in or creating an account.
  • Start new topics and reply to others
  • Subscribe to topics to get email updates
  • Get your own profile page and make new friends
  • Send personal messages to other members.
 
Guest Message by DevFuse

Read These Items!

  • If you're getting an Authentication mismatch error: Clear your cache. Log out of CB. Delete your cookie. Close your browser. Open your browser and log back in.

Photo

What about walking away from your home (chap 7) and finding something better


  • Please log in to reply
1 reply to this topic

#1 jmw1212

jmw1212
  • Members
  • 849 posts

Posted 10 March 2012 - 12:21 AM

I've been doing allot of heart to heart thinking and although this moving idea is so overwhelming for us, especially after we just did that with our building. I am wondering if I really want to fight for this home any longer. If we can find a nice home that is even nicer than this one and we can work out a rent to own deal, that may be a better option. Of coarse, not everyone is keen on renting to own. I found a home right down the road, very nice and in much better shape than ours. They are asking 26k less than we owe on this one. It's not a cookie cutter home. It's like ours, custom designed. It sits on an extra acre of property than our home does. It looks to be in perfect shape and built in the same year as our home. Similiar in the things we love about our home. It would keep my boys in the exact same school. It's more private, not in a "subdivision". Even has the same views as our property has. I emailed the realtor to see if they would consider a lease with buy option, or rent to own. I think like others it's been on the market for a while. We will see. Looks like we might be getting some money soon, enough to do this if they agree. Maybe it's time to move on..I now have to convince my hubby. He doesn't want to move again. I told him with the little extra money we have coming in, we can hire some help for the move. Maybe it's time.

The reason I based this desicion on was this, if she was wrong please correct. I asked the realtor, if we were able to keep our home with a mod, then did a short sale or deed in lieu two or three years later (after our other foreclosures expire), would we have to start back over with the three year mark for a new loan? She said yes, it would be two years for those. So my thinking is if we go through all this loan mod process, and get it to work. We are still back at waiting again to be able to get a loan, because we will have to let this house go to short sale then. So maybe we need to start it now. I don't know. We are still not even discharged yet, so I'm not sure how that affects our loans later. Anyone with any advice, please let me know. Thanks:)



#2 chicagorich

chicagorich
  • Members
  • 396 posts

Posted 10 March 2012 - 01:49 PM

Walking away is an alternative. Same affect as a foreclosure. As far as rent to own, seems like most of the ones I have ever seen tend to be lower priced houses in so-so areas which are hard to sell (and the owner doesn't mind carrying a mortgage).

Most nicer places, the owners want to cash out from a sale.




0 user(s) are browsing this forum

0 members, 0 guests, 0 anonymous users



© Copyright 2003 - 2013 Creditboards.com. All rights reserved. No portion of this site may be reproduced without explicit permission from the owners. The content of creditboards.com is subject solely to the personal whim of its admins. We reserve the right, at our sole discretion, to remove any and all posts or comments, at any time, for any reason which takes our entirely capricious fancy, or for no particular reason whatsoever, without restriction. Comments or questions regarding the site may be addressed to admin@creditboards.com.