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They Want to Move |
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My wife and I bought our town home in February of 2007 in South Florida. We were sure that we were making the right decision with our money, of course that was before the real estate market began bottoming out. We put 10% down and were lucky (I guess) to get a 5/1 ARM and a fixed rate. We are now regretting our decision and would like to move out of Florida all together. The problem is that home values have dropped approximately 25% in our area, wiping out our equity and putting us "upside down" if we chose to put the house on the market. What do you think are options are? What about a short sale? What kind of effect does that have on your credit? |
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A short sale is better than a foreclosure on your credit record, but it would hurt your credit score. Your lender won't agree to it unless you're in real trouble and just about penniless. Sounds to me as if you'll just have to stay put! Or else make up the shortfall from your own cash, take the loss, and buy some place else where prices have also gone down. |
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Edith
Originally published on July 14, 2008 |
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