How can you get out of your mortgage if you can't afford it anymore?

Asked by Shannon, Fort Worth, TX Sat Nov 15, 2008

My mother and father are retiring, and cannont afford the mortgage on their mobile home in Charleston, South Carolina. They want to move here with me in Fort Worth, Texas, but they want to do get out of their mortgage the right way.

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5
Charlie and…, , Winter Park, FL
Sat Nov 15, 2008
Shannon, you should first talk to your lender. It may be that a short sale will be of benefit to you, but first you need to read up on it, or talk to a realtor who specializes in short sales, to be sure you would qualify. Basically a short sale can occur when the mortgage is more than the value of the home, and there are steps you have to go through to reach a short sale agreement with your lender. If you would not qualify for the short sale, do talk to your lender and explain your situation and perhaps they will re-negotiate your interest rate in order to lower your payment. Most lenders are happy to work with you.
2 votes
Keith Sorem, Agent, Glendale, CA
Sun Nov 16, 2008
Shannon
Randall has the right idea.
Your parents need to get the facts, and I mean ALL the facts.

There is a wave going through our country right now that says that if you have a mortgage (which is a promise to pay a debt), you can walk away just because you want to do so. IMHO that is complete nonsense. Throughout most people's ownership of their home, prices have gone up and down...however, in the long run, they go up.

There are people who re-financed, took out cash, and now find themselves in a situation where they either can no longer afford the payments, or simply feel because the value of their home has declined they "deserve" to have their debt forgiven.

I do not know the specifics of your parent's circumstances, which is why they need the advice of an expert that can sit down, analyze their situation, and offer not only options, but consequences.

Good luck.
1 vote
Cindy Norton,…, , Goose Creek, SC
Sun Nov 16, 2008
Shannon,
I would certainly suggest they get with an experienced Realtor and get their home on the market. Priced right and with staged well will be my primary goal to get your parents home sold.

If they are behind in payments they could possibly discuss the option of a "Short Sale". I am working on my 4th Short Sale this year and the secret to my success is being in constant contact with all parties and providing detailed information to the Lender who is holding the mortgage on the property.

Let me know if I can assist you in the sale of your parents home!
0 votes
Randall Sand…, Agent, Charleston, SC
Sun Nov 16, 2008
Hi Shannon - This is Randall Sandin and I am an agent here in Charleston, SC and would be happy to try and help on this situation. The first step would be to site down with your parents or talk to you to learn the entire situation. The next step is then talking to the bank and finding our what options there are for them. This is not an easy task and it is important to make sure you have an experienced realtor working with your parents to help them out in these diffcult times. One of my biggest job sright now is helping people get out from under bad situations in their home.

Feel free to email me or call me at 843-209-9667.

Thanks, Randall
843-209-9667
rsandin@carolinaone.com
0 votes
ERIN, , Lafayette, LA
Sat Nov 15, 2008
they would need to sell their property at an amount where they could pay off mortgage ballance. or they can apply to refinance their mobile home at a lower rate-and a lower payment.

as long a they are not in a negative position on their mortgage- (owe more than what it's worth)these two options would be best.
0 votes
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