my husband is getting laid off; we will be relocating to find work; we can no longer afford this house and

Asked by Kate, Connecticut Mon Apr 27, 2009

there is virtually no equity (we recently did a re-fi) what can we do? Selling it will take time and we can't afford to make house payments while we hope for a buyer...Kate

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6
Deborah, Home Buyer, Seattle, WA
Thu Apr 30, 2009
I am a buyer looking to purcahse a home in AZ. Can you tell me more about your home please and send pics, sq. ft. location and address and what you owe on it? Is the loan assumable and if yes, what is the rate and balance you owe. Does it have a pool?

Thanks.

D. Lago
deborah_lago@hotmail.com
0 votes
Keith Sorem, Agent, Glendale, CA
Mon Apr 27, 2009
Kate
If you need to move and need income, the quickest thing to do is to rent it out. Being an absentee landlord is no picnic, and I speak from experience. However, talk with your CPA. It might be that renting and taking a loss could be painful the short run, but work out well after the first five or six years.

I would also talk with the company that hires you to see if the have a relocation package.

The main thing is to get good, solid information. Talk with a couple of Realtors to establish market value, compare their proposals, then take it from there. We had to do what you are doing and it worked out well in the long run. We kept the property for 18 years and when we sold it we made a lot of money.
0 votes
Lucinda Tkach, , Phoenix, AZ
Mon Apr 27, 2009
Kate,

I am hoping your payments were reduced after refinancing!

There are many options available, leasing or a Lease to purchase option. It all depends on the value of your home and what you owe. It would be best to save your credit and make a couple payments with out getting behind on your mortgage.

Feel free to contact me if you have any more questions. I wish you the best!
0 votes
Carlos Ramir…, Agent, Mesa, AZ
Mon Apr 27, 2009
Kate, is your property located in Phoenix and you are in Connecticut? The best alternative for you will depend on many factors. On either case talking with the bank should always be your first step. If you really can not keep the house a short sale will most probably be your best option. Also be aware that if the property is located in Phoenix you might not be covered by the anti-deficiency protection (due to the refinancing) and the seller might come after you personally for any deficiency after the foreclosure. If you do a short sale then everything will be settle at that time. If those things are a concern to you I will advice you to talk with a lawyer.

Carlos J Ramirez, PC, ABR, CNE
Associate Broker, HomeSmart -
Web Reference:  http://www.SmartAZRealty.com
0 votes
Richard Dobb…, Agent, Scottsdale, AZ
Mon Apr 27, 2009
Kate, I agree with the answer above. Not knowing the address of the home in 85032 it is not possible to give much more detailed advice. A short sale may be a possibility.

Rick Dobbles
0 votes
Diana Clary, Agent, Allen, TX
Mon Apr 27, 2009
Contact a local real estate agent to discuss your options. You may want to consider leasing your home and renting a home in your new location or you may want to sell your home outright. A Realtor can give you a realistic picture of what your home might sell or lease for and discuss the pros and cons of each option. Good luck!
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