Home Selling in Calumet City>Question Details

Marbalea, Home Seller in Calumet City, IL

We are ready to retire....finally have the kids through college.

Asked by Marbalea, Calumet City, IL Thu Apr 22, 2010

To help our kids through school we have refinanced our home. Now the current market has it worth less then what we owe on it. With one of us retired on a limited income......we are house poor between tax's, upkeep and expenses. I would like to join my husband and retire but can't at this point. Would a short sale benefit us and how would that effect a purchase of another property to help us down size and live within our retirement income.

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Hi Marbalea,

Cherrie has a wonderful answer but she probably meant to say, "...short sales will have an adverse affect on your credit and will DISABLE you from purchasing a home for at least 2 years." (smile)
0 votes Thank Flag Link Tue May 11, 2010
Hi Marbalea,

If you are unable to afford your all your payments including house, taxes, credit cards, car, etc, you may want to look at modifying your loan to obtain a lower payment. If your lender will not allow you to modify, then you need to look at your overall current and future financial picture to see if a short sale on your home would benefit you. Keep in mind that short sales will have an adverse affect on your credit and will enable you from purchasing a home for at least 2 years. I would be happy to help and answer any questions that you may have with short sales.

Good luck!

Cherrie Catama
Newman Realty
0 votes Thank Flag Link Mon Apr 26, 2010
Not knowing your finances/assets--before considering a short sale, protect yourself and consult with an attorney who specializes in real estate. In order to do a short sale, you need to prove hardship to the lender--and generally it can take about two years after the short sale before you can purchase again.
0 votes Thank Flag Link Thu Apr 22, 2010
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