Financing in 74044>Question Details

Carla, Home Seller in Mannford, OK

can't afford housepayment now after we broke up and have no equity in the home at this time?

Asked by Carla, Mannford, OK Sun Dec 23, 2007

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5
Who has title to the property? Who is on the loan? How is title held? Are you married?

Your questions may need more advise than can be provided on a public forum by Realtors. You may very well need an attorney.

If you are responsible for the property (on the loan, on title, living there), it is in your best interest to protect your credit and resolve the outstanding issues. Options may include selling the property, may include keeping it and taking in a renter to offset the expense, or may include signing over the property to the other individual. Please do not act on any of these options without proper counsel from someone who is knowledgeable about your circumstances What I proposed as possbilities was provided for informational purposes only. I do not have enough info to make a recommendation. I do hope the info herein may help you in furthering discussions that will lead you to a good decision for you.
2 votes Thank Flag Link Sun Dec 23, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
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Carla,

Have you thought of getting a roommate, someone to help share the living expenses. If you are a mother, I'm sure you have single mother friends. Try talking to your friends about it. Also, you could rent out a room or possibly rent the entire home. Just do whatever you can to avoid foreclosure... legally!
I wish you the best of luck!
1 vote Thank Flag Link Fri May 29, 2009
Carla....

Sorry to hear about your current situation. Is it possible for the other party to buy you out? Deborah has give you some good advise about getting advice before making any firm decision.
1 vote Thank Flag Link Sun Dec 23, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
MVP'08
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Hi Carla-I was glad to receive your question, because I live just down the road from you in Sapulpa. so am familiar with the Mannford area. As some of the Realtors below have commented, you do have some options which you need to talk over with a knowledgable Realtor. The most important thing is to avoid foreclosure, which can ruin your credit. I have just closed a short sale with a couple in the same situation, and it worked out very well, though it takes some time and patience. There are other options for you to avoid foreclosure as well. If you go to my website and e-mail me, I can go into more detail and perhaps help. Lisa Manley-Jeffers 289-7738 lmanley-jeffers@kw.com
0 votes Thank Flag Link Tue May 19, 2009
Carla,

After a breakup of this magnitude, emotions run strong. Add to typical emotions the financial strain of a home and mortgage and the it can be easy to cross the line into all out war.

You have to maintain perspective on this situation. I'm not sure if both of you siged as responsible parties to repay the note, but the lender holding this note is not interested in your emotional well being. They are vitally interested in how you plan on settling the account you have with them for the house.

I speak to the issue of avoiding foreclosure on my YouTube Channel http://(www.youtube.com/themortgagecoach). Click on the video labeled avoiding foreclosure and listen to the suggestions I give for people in your situation.

It is regretable that you are in the situation you are, but let me assure you, there are ways to work it out. Most likely you will have to work a short sale with your lender. Please find a qualified realtor who knows how to work with short sales and allow him/her to walk you through this as painlessly as possible.

Good Luck!

Trey Bowden
Mortgage Lender
Oklahoma
(405) 340-3277
0 votes Thank Flag Link Wed May 14, 2008
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