I need financial advice....

[KillJoy]

Any of the ACTUAL Finance guys:

 

We have renters in our house.

 

We owe MORE for the house then it could REALISTICALLY be sold for.

 

We do not want the house.

 

We want to purchase my Parent's House.

 

They want to move.

 

The renters have just informed me that they have put a Bid in on a home. :fuuuu: They have to give a 60 Day notice, and have NOT "officially" given it.

 

What is the best way to get me out of this situation?

 

KillJoy

 

PS - We moved out of the Home to get Smalls into a better School District (from Columbus to Hilliard).

[copperhead]

Time for Smalls to start playing with matches

[Littleguy]

Well, without the cash to cover both mortgages out of pocket you are pretty limited in your choices. Even if the value was good, it probably wouldn't be realistic to sell it and close in 60 days so you would likely be out of pocket there too.

 

What are you looking for from finance guys to "get you out of this situation"? Short sale, loan or line of credit to cover you until you get a new renter, buy parent's house and get cash back at closing to cover the expenses of the other???

 

In order to give you any kind of real advice details would be needed as to exactly what your goals are and what the finances are like with you/your house/your parent's house.

[wnaplay1647545503]

Are your parents covering the mortgage on their place or will they let you make payments to them if they own it? Or will you have to get a second mortgage to purchase theirs?

[John Bruh]

Buy the new house while you still have the renters, that way you can vet the loan. Then if something falls through with the renters buying the house you still have them there. If they do in fact buy, do a short sale.

 

I'm not finance expert just giving my opinion

[STEVE-O]

You are kinda screwed. This is a situation like many are in now. Your best case is to find new remters to cover your old house until you could sell it for closer to your payoff or if you sell it you will have to come to closing with the difference

[zeitgeist57]

Well, without the cash to cover both mortgages out of pocket you are pretty limited in your choices. Even if the value was good, it probably wouldn't be realistic to sell it and close in 60 days so you would likely be out of pocket there too.

 

What are you looking for from finance guys to "get you out of this situation"? Short sale, loan or line of credit to cover you until you get a new renter, buy parent's house and get cash back at closing to cover the expenses of the other???

 

In order to give you any kind of real advice details would be needed as to exactly what your goals are and what the finances are like with you/your house/your parent's house.

 

 

+100.

 

No sure-fire single answer from this thread, I'm afraid...

[Mace1647545504]

you could always "walk away" from your house but that kills your credit and (I am not sure) if the bank sells it for less than what you owe may be able to come after you for the remainder.

You will want to check the fact on the previous statement

You could file bankruptcy.

Can you rent your parents home until your credit would recover?

Just a few thoughts

Sorry about your situation.

mace

[2highpsi]

What are your current living arrangements?? Are you renting a place, own another place, or living in the parents basement?

 

How far upside down are you talking? 5k.... 50k?

[El Karacho1647545492]

where is the house in columbus? what would you be asking for your house? a friend of mine is hot into buying then renting houses right now

[AWW$HEEET]

I thought some banks were allowing people to do a short sale, while simultaneously qualifying them for a new loan. F'd up but I heard of it once a while back...

[KillJoy]

where is the house in columbus? what would you be asking for your house? a friend of mine is hot into buying then renting houses right now

 

 

The House is in Galloway, in the Village of Galloway Ridge (Free Standing Condo).

 

KillJoy

[Guest Hal]

My only advice would be to ask an expert for advice. I have no idea how to navigate the current financial issues and regulations. Good luck.

[AngryBMW]

The House is in Galloway, in the Village of Galloway Ridge (Free Standing Condo).

 

KillJoy

 

So you're WAAAAAY fucked. Yikes.

-Marc

[Bahnstoermer1647545488]

So you're WAAAAAY fucked. Yikes.

-Marc

 

LOL

[SRTurbo04]

So you're WAAAAAY fucked. Yikes.

-Marc

 

yep. sounds like you should move back in in the mean time, untill you can afford to get out from it

[Guest GMoney]

You have three options, but first what are you doing now? Renting?

 

1. Move back into the old house you own.

2. Buy the new house quickly while you can show renters in the old house. Hope to find new renters quickly.

3. Buy the new house quickly while you can show renters in the old house and walk away from the old house. Have your credit bent over for the next 7 years. They can't take the house your in if your payments are on time.

 

For item 3 I am not saying this is legal or advisable option. Just saying I have seen people do it and get away with it.

[iwashmycar]

Get more renters, and see if the parents can wait a little longer?

 

This would essentially move the crapshoot situation further into the future, in which time you can hope and pray the value of the other place can rise, or you can knock off some of the loss youll take on it...

[mustangman2011]

Whats the rent on it now?