Home Selling in 48451>Question Details

Rnl, Home Seller in 48451

I really want to move.

Asked by Rnl, 48451 Thu Jan 5, 2012

I bought a house about 3 years ago with my ex. We have parted ways for about a year and a half. She left, I kept the house. When I bought the house it was more her liking it than me. Now I'm stuck in a house I dont like. I called a agent out a while back. She went over what I owed, did an once over of the property and told me she was sorry but there was nothing she could do for me, and she couldnt get what I owed for the house. I really, really, dont like this house and want out. should I just stop payments and walk away? I cant see paying for a house I dont like. I realize I made a mistake, but thats in the past. any advice?

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Ann Ryan’s answer
Call another agent and get a second opinion? A lot will depend on how underwater you are, and how many assets you have, subjects better discussed in person and off the internet. You should find out what your remaining balance on this home is before you talk to an agent again. Make sure you understand how this will effect other forms of credit: car loans, credit cards, etc. before you make any drastic decisions.
0 votes Thank Flag Link Thu Jan 5, 2012
Ya call me I'll help you. List the property and do some great marketing and cut your losses. Either that or ? walkaway and ruin your credit. Good luck call me I can help you 2482450629
0 votes Thank Flag Link Wed Jul 3, 2013
SHORT SALE COULD BE A OPTION . email me I would be happy to help you out . gcgavin1@gmail.com
0 votes Thank Flag Link Tue Jun 4, 2013
6 ways to save your underwater home.....just more thought for you
0 votes Thank Flag Link Fri Jan 6, 2012
It might be less costly to find a new girlfriend that likes the house. (kidding)

You've gotten good advise here but you really need to sit down with a Real Estate Attorney that handles short sales. It is one thing to tell you do a short sale and another thing to do the work for it only because you don't like the house. As Dan said you have to take into consideration what will happen to your credit and is it worth it.
0 votes Thank Flag Link Fri Jan 6, 2012
You may want to consider taking on the difference as an unsecured loan. You would need to talk to your bank and see if they would be willing to give you a loan for the difference that you owe on the home from what you can sell it for. If this is not an option through your own bank, than you could talk to the servicer of your mortgage and see if they are willing to do it. In this case, you may have to just put the house on the market first and see what you can get for it and then approach them if they are not willing to discuss it prior to you having an offer in place. This could save your credit and give you an opportunity to get rid of the house. Make sure when/if you have the discussion with the mortgagor and an agreement to extend a loan for the difference that you have an attorney look over the agreement so that you and your credit are protected from taking on the new loan. Remember, the goal here is to get out of the home without it negatively impacting your credit, so that you can buy another home down the road.
0 votes Thank Flag Link Fri Jan 6, 2012
You may want several opinions. A short sale may very well be an option. In addition to seeking advice from agents like ourselves who have handled short sales, we would encourage you to obtain expert opinions from an attorney, financial advisor, and tax accountant. Meanwhile, feel free to contact us with any further questions you may have.
0 votes Thank Flag Link Fri Jan 6, 2012
The other agents have given you good advice...

Do NOT walk away from your home... it will give you a very bad credit score that will prevent you from buying another home for 5-7 years and could also prevent you from getting other loans (car, TV, furnature, etc...)

I'd recommend that you talk to a Realtor to determine if you are a candidate for a "Short Sale"... if you can prove a financial hardship your bank will accept, then that would be your best course of action to achieve your goals.

The only other thing I advise you to do is to find the company that: (1) does the most home transactions in your Linden, MI area and that (2) has a seperate department that just specializes in helping people avoid foreclosure (might be your case). Talk to an agent from that company that is Certified to handle "Distressed Properties".

Contact me... I be glad to help...!

Mike Jurca
Certified Distressed Property Expert
Short Sale & Foreclosure Resource
248-961-2194
mjurca@remax.net

RE/MAX Platinum
Brighton, MI 48114
Web Reference: http://www.MichaelJurca.com
0 votes Thank Flag Link Fri Jan 6, 2012
Rnl,
You've found out a house is harder to get rid of than a girlfriend. Before you jump to do a short sale or foreclosure, please consider the medium and long term consequences on your credit and future purchases. Both will impact your credit for years to come. This means limited access to not just future mortgages but auto loans and other credit too. Rates will be higher and you will need more down just to qualify for major purchases in the future.
You may be better off making some changes to the house to make it more to your liking until the market comes back or consider renting it out. Chances are if you stick it out for a couple years something will give. You will like the house better, the value may come back or you may find a good tenant and your credit will remain intact for your next purchases. Best of luck.
0 votes Thank Flag Link Thu Jan 5, 2012
Hello,

You sound like a perfect candidate for a Short Sale. Don't waste to much time and my advice is to try a Short Sale before you walk away. You have exactly until the end of this year until the Debt foregiveness act expires. Read about it here;

http://www.irs.gov/individuals/article/0,,id=179414,00.html

A short sale will be easier on you financially and especially mentally, than any other option. I know it sounds scary, but we make it simple and we will guide you through the whole process. I can go on and on, but just come in for a no obligation consultation, you will be impressed. (I don't want to sound like a commercial but it sounds like you want someone to help you.)

Call, text or email me and we can go from there. We are the #1 Short Sale company in Michigan, we have the system that will help you. I can email you information if you don't want to come in, just let me know.

Sincerely,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
0 votes Thank Flag Link Thu Jan 5, 2012
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