Foreclosure in 60560>Question Details

Zer0girl, Home Owner in Yorkville, IL

I can afford my mortgage currently, but only while working 2 jobs and never seeing my home. I don't want to continue, what should I do?

Asked by Zer0girl, Yorkville, IL Sat Oct 8, 2011

I have been struggling along for going on 3 yrs now.. working way too much and I am not in debt, but I am tired. I don't want to continue on. I own a condo that i owe 118k and so many under foreclosure for sale at 35k. I want to move out of state for a better job opportunity. Please help!

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Sit down with your accountant and realtor to come up with a plan that fits you. Make sure your realtor is familiar with the short sale process.
Good luck.
2 votes Thank Flag Link Sun Oct 9, 2011
Hi Zer0girl

I am confident that there is a solution to each problem. Please schedule consultations with your Realtor and lender. You can contact your local board of Realtors as well for recommendations.

Good luck
0 votes Thank Flag Link Sun Oct 9, 2011
The only person that can give you tax advise is a CPA or tax attorney since everyone's tax situation is different and the Mortgage Forgiveness Act has some special provisions that they can explain. Different servicers and their investors have different guidelines - every situation is different and there is not one answer that covers all the different scenarios. Hadships are subjective and each bank makes the decision - not the attorney nor the realtor - some may be more obvious than others but only the bank can make the final decision.
0 votes Thank Flag Link Sun Oct 9, 2011
Hate to argue - but yes short selling your home is much more possible than you imagine...I hear "hardship" in this...and there is likely no tax liability due to you if it is your primary residence due to tax laws in place to address this matter - which you can clarify with your accountant.
I hate when people with no significant short sale experience give short sale advice.
Web Reference:
0 votes Thank Flag Link Sun Oct 9, 2011
Sorry for your troubles. Just so you know, you can't just short sale your home. Banks require a hardship as a result of loss of income. A relocation may be enough of a reason for them, but you have to discuss with your bank first. Call them and ask or you can consult with a real estate attorney and they can give you your options. But understand two things about short sales. If you do have the deficiency excused, you will have to claim it as income on your taxes. And if the bank doesn't excuse your deficiency, they have 10 years to come back and get the shortfall from you.

Can you rent the condo? This may be another choice, but you need to weigh all the risks. If they don't pay your rent or you have to evict, what cushion do you have.

Good luck.
0 votes Thank Flag Link Sun Oct 9, 2011
Short sell already and be done with it.
An employment relocation is the most easily acceptable "hardship".
Web Reference:
0 votes Thank Flag Link Sun Oct 9, 2011
If you must move to pursue a better job opportunity you do have options. I live next door in Oswego and will be happy to discuss options that are available that might better suit your situation. Send me an email via here or my website and I will be happy to discuss them. Or I can meet you at Panera Bread for coffee. Renting out your unit may not be something you want to deal with at this time in your life but you still may have other options depending on your circumstances.
0 votes Thank Flag Link Sat Oct 8, 2011
Many of the decision we make are purley emotional when dealing with finances and we often don't realize the long term financial consequences of making such decisions. Let's take a step back and look at yoru situation.

I am from the chicago area and used to live in Plainfield, IL. You have a great opportunity her where you can save your credit and still be able to pursue your career goals but you cannot do anything rash. The first thing I would recommend doing is consider renting your Condo out.

If you contact a local Realtor that has experience in property management you can have them give you estimates on what the average rents are feching in the area and compare it to what you will need to cover you monthly mortgage.

Once you have a trust worthly Realtor managing your property you will be free to move to greener pastures while at the same time you can have you property put up for sale as a cashflow property.

You want to get creative on how you solve these type of problems because simply letting it be foreclosed on will hurt you for several years and most likely force you into bankruptcy which can hender your ability to find better jobs and housing in the future.

Chris Hutchinson
The Chris Hutchinson Team
The Michael Group Real Estate
0 votes Thank Flag Link Sat Oct 8, 2011
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