You know this is a difficult situation, it is your home and it is furnished correct, would you rent it furnished or vacant, with a low mortgage outstanding and depending how long you intend to stay in Singapore,
you have to decide depending on those facts. Would you be back in a year, then may be you want to rent
and have a home once your return, if you think you will be in Singapore several years, may be selling
And then there is rent now decide later, however make sure you do connect with a good experienced
Realtor near your home, discuss your situation, have the Realtor look at your home, determine its
true current value for sale, and what you could potentially lease it for, but remember you may not find
a good renter right away, and if the renter signs a one year lease, after a year they may not want to
stay and move on and your home could be vacant for a while until you find another renter. It just all
depends on the home's location, and your actual plans and the financial side of both. Make sure to
sit together with a good Realtor and discuss all your options and then decide and use this Realtor to
proceed.... with your plans.
If you need a recommendation for a Realtor in Middletown OH, let me know I gladly send one your
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
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Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
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HAVE THE MOST WONDERFUL DAY :)... more
If you just want to get out from under it, a short sale is a great idea. Working with more than one bank certainly complicates things, but not impossible. I have negotiated on 2 mortgages several time for sellers to a successful closing... more
Well I guess my question to you would be, are you planning on staying at the house? In most divorce settlements the person staying at the resident after a divorce will have one year to either sell the house or refinance it. That is if either one of you want to stay on at the residence. I would like to do the comps on the house to see what the current value is. You may be better to sell it out right with a small gain or loss without affecting your good credit. If the loss is too much to afford then you may consider a Deed in lieu or short sale. I would first try marketing the property. Even in a short sale the banks are going to want to see an effort or property history of the listing. I have done several short sales where the lenders will want at least a 30 to 60 day listing history before considering a short sale. Just remember that the short sale will effect your credit.... more
Denise it will take a couple of years to my understanding to be able to get anything near normal credit after going bad on thousands of dollars that a lender had to write off. The rules are changing all the time so you never know.... more
Actually Adrienne is off on this one... You see your mortgage is a major part of your credit score... it effects your score both for the good and/or the bad depending on what you do. If you miss payments it hurts you more than missing a credit card. If you have the mortgage your score will be higher then without. A homeowner is less risky than a renter and that is the only way the credit companies know you are an owner is if you have a mortgage... I can not tell you how much it will impact as it will depend on how long you have had credit, how many other trade lines you have, etc...
With that said, paying off your mortgage is a great thing. Congratulations!... more