Home Selling in 60010>Question Details

Drownininill, Home Owner in 60010

My husband's CO is going to transfer us within 2 yrs. Our newer Il home is very underwater. We owe 100 more than we could sell 4. What are?

Asked by Drownininill, 60010 Sat Jan 22, 2011

options? Only foreclosures are selling here-many neighbors have walked away
Realistically this house may never recoup neg. equity
Is renting an option? Won't cover mortgage/upkeep/How do you do that out of state?
Company may pay market value-could we take out a loan for the remaining balance to pay off mortgage?
This is keeping me up at night/makes me sick/I feel trapped in Illinois

Help the community by answering this question:


It's good that you are looking for help now before things get too far along. Have a Realtor do a CMA for you to see what similar properties are selling for. Also ask your Realtor what similar properties are renting for. Then contact a real estate attorney regarding your options. Walking away from a mortgage can really hurt you down the road. Find out your options and come up with a plan with your attorney.

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
2 votes Thank Flag Link Sun Jan 23, 2011
I agree that the best first step is to have a Realtor do a CMA for you to see how much you are underwater, so you have accurate information when dealing with the company's relo dept.
Things may not be as dark as you think. Many people are renting their homes for a few years, even iwith a small negative cash flow, with the idea of selling in a better market in the future. I advised my last client to do this, even though I would have loved to have listed his houese for sale.. His company is willing to still pay his closing costs (for the relo) for up to 2 years from now.
You can hire a property manager to handle your rental for you. Many Realtors also do this.
There are now refis for people underwater, provided they are current in their mortgage and haven't had a late payment in the last few months. I know 3 companies off the top of my head that have this program. There are many options for you.
Lela Theriault
Baird & Warner - Barrington
0 votes Thank Flag Link Sun Aug 12, 2012
Please email me at TwoChickasConsulting@yahoo.com with details. I might be able to help you work something to help you out. We can discuss details per personal email. Worth discussing, I think!
Talk to you soon!
0 votes Thank Flag Link Thu Aug 9, 2012
I do alot of corporate relo and typically there is a loss on sale provision in the relo package to assist a transferee who is upside down. That is usually a dollar cap amount, (like $20k) or (10%) percentage whichever is less of the purchase price if they helped you buy the home. If you refinanced since purchase, the company might frown on participating in helping you dig out. If you don't have a hardship, you probably will need to bring cash to close. Your in Barrington from what I cipher from your profile zipcode, and that should be decent for resale. Click my profile and call me if you care to discuss.
0 votes Thank Flag Link Mon Jan 24, 2011
I agree with the other postings and would definitely figure what your husband's company does in this situation. Second, I would contact an agent in your area and see exactly where your property is at now in relation to the loan amount. If you are comfortable working that agent I would schedule a series of meetings with that agent every six months to rerun the market analysis so you know where you are at when you have to sell your property. If there is anything I can do for you to help you with your property in Barrington please let me know.
0 votes Thank Flag Link Sat Jan 22, 2011
First...pray. Then work to get any answers you can from your company's Human Resource department. Ask them what their transfer policies are. Knowing what is coming up might releive some of your stress and help you plan.
0 votes Thank Flag Link Sat Jan 22, 2011
First, your husband’s company will likely be familiar with the issue when the time comes. Many people across the country are in similar situations through no fault of their own. Second, a lot can happen within 2 years. I'm not predicting a nationwide rebound, but some areas are seeing recovery. Over the next several months talk to your lender about options, keep an eye toward any new legislation that may come on to assist and meet with a financial planner/budget organizer in your area who can look at the best ways for you to prepare for both the best and the worst. Planning is the key to being prepared for what you anticipate, but can't control.
0 votes Thank Flag Link Sat Jan 22, 2011
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