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Transferred Across Country |
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In the turbulent economy I had to leave my old employment. I have a fantastic new job but it's halfway across the country. My young family outgrew our old house and we've been trying to sell for over a year. Leaving family behind is not an acceptable option for the family. Our neighborhood crashed and homes are going for 60-70% of previous values, so I'm seriously upside down. The mortgage on the old house is also junk and may get ugly soon; it needs to go (was expected to have sold long before now). This seems to rule out renting the house to others with current financing, and reworking financing without living in the house seems unlikely to win lenders support.
I've kept my payments current. The lender has offered a deed-in-lieu, but that's a credit hit I want to avoid at all costs. The lender has said they'll consider a short sale once we have an offer. I've got an agent who specializes in short sales working with me for the past two months, and we've priced at a realistic market price that can be justified to the bank, and have had a lot of showings but still have no bites. The house is in fantastic condition, but the neighborhood isn't and the showings have really slowed down.
To help that house sell I've moved my family out and am staying with extended family but that can't last. The family needs a home but two house payments will be tough--we could only sustain both for a few months. Mortgage companies seemed willing to help at first, but got scared by the pending short sale.
I'm looking for ideas -- how to handle the old property and how to house my family. The new job pays well but not two house payments well, and I've got several thousand dollars to work with for now. I'm trying to find the smartest way to work through this without killing my credit. Still kicking myself for agreeing to that mortgage in the first place, but what's done is done. Suggestions welcome. |
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All I can tell you for sure is that you're right in rejecting the idea of renting your present house. Being an absentee landlord is asking for all kinds of problems.
But I don't have any real solution to your present problem, and either a deed in lieu or a short sale will hurt your credit rating -- though neither is as bad as a foreclosure. And sometimes even after that, you can be hit with a judgment for the shortfall.
As for your new home -- sounds to me as if you ought to figure on renting in the new location, if your credit rating does end up taking a hit. Not a great solution, but all I can think of. |
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Edith
Originally published on June 18, 2009 |
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