Asked by Pnut6995, League City, TX • Sun Apr 11, 2010
I'm a single mother of one child and I bought a home in February. Prior to that, I was renting an apartment. I have lived in this house for 2months and I am regretting my choice for several reasons. I am in over my head and I can see that it's a financial mistake as well as a house choice mistake. All I want to do is sell it and move on. My old apartment is looking pretty good to me right about now.
I have an FHA assumable mortgage. I put $4700 down and a few hundred dollars (so far) into fixing up the house.
What is your best advice for me? Should I put it up for sale by owner and allow someone to assume my loan? Can I ask for some cash to recoup my down payment? I've already talked to my lender and they assured me the FHA loan is assumable and I would be released of liability with a qualified buyer. Am I missing anything else? There's no equity so no realtors can be involved in this. Not sure how I would go about finding a buyer. Any advice would be appreciated
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