I owe 90k on my home and see that homes in my neighborhood are going for 22k. I'm not happy here &am scared I may never sell. What options?

Asked by Shannoncneely, Roseville, MI Thu Feb 9, 2012

do I have?

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Shannoncneely, Home Seller, Roseville, MI
Fri Feb 10, 2012
Thank you everyone. I am not having any issue finacially and am terrified of ruining credit. I am actually looking to remoldel and contractor told me I shouldn't do anything being so upside down and that I should 'get out'. I don't like where I live, neighborhood is bad, and eventually will move, I just wondered if there were any responsible options outside of waiting 23 years. This contractor said 'there's programs for people like you' I'm guessing he is all wet. Thanks again
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Derek Bauer, Agent, South Lyon, MI
Fri Feb 10, 2012
IF you have a financial hardship and can demonstrate that you can't afford the house, a short sale may be a good option for you. IF you do not, the bank is much less likely to allow a short sale to take place.
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Karen Paytas, Agent, Clinton Twp, MI
Thu Feb 9, 2012

You have several options available to you. You can try a modification on your loan if you want to stay in the house. You can try a short sale or you can become a landlord and lease the home. I've assisted many clients in the same situation you're facing. If you would like the assistance of an agent experienced in short sales I would be happy to help.

Have a Good Evening!!

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Feb 9, 2012
Possibly you might look at this from a different perspective:
You didn't mention how much your monthly Vig is; Possibly $700, maybe less?

What could you find that is comparable to rent for that same amount per month?
That is what I thought:
How about considering your DECISION and OBLIGATION is simply your RENT;
eventually, you will be at zero. And you will still have your Credit!

But then, what do I know?

Good luck and may God bless
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Christopher…, Agent, Methuen, MA
Thu Feb 9, 2012
One option is to consider a short sale. However, you need to consider the ramifications of a short sale on your credit and also be careful about tax liabilities. Be sure to work with an agent that is knowledgeable with short sales and I also recommend that you seek the advice of an attorney.
Web Reference:  http://teamlefebvre.net
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