KillJoy Posted April 1, 2012 Report Share Posted April 1, 2012 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). Quote Link to comment Share on other sites More sharing options...
copperhead Posted April 1, 2012 Report Share Posted April 1, 2012 Time for Smalls to start playing with matches Quote Link to comment Share on other sites More sharing options...
Littleguy Posted April 1, 2012 Report Share Posted April 1, 2012 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. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted April 1, 2012 Report Share Posted April 1, 2012 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? Quote Link to comment Share on other sites More sharing options...
John Bruh Posted April 1, 2012 Report Share Posted April 1, 2012 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 Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted April 2, 2012 Report Share Posted April 2, 2012 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 Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted April 2, 2012 Report Share Posted April 2, 2012 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... Quote Link to comment Share on other sites More sharing options...
Mace1647545504 Posted April 2, 2012 Report Share Posted April 2, 2012 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 Quote Link to comment Share on other sites More sharing options...
2highpsi Posted April 2, 2012 Report Share Posted April 2, 2012 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? Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted April 2, 2012 Report Share Posted April 2, 2012 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 Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted April 2, 2012 Report Share Posted April 2, 2012 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... Quote Link to comment Share on other sites More sharing options...
KillJoy Posted April 2, 2012 Author Report Share Posted April 2, 2012 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 Quote Link to comment Share on other sites More sharing options...
Guest Hal Posted April 2, 2012 Report Share Posted April 2, 2012 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. Quote Link to comment Share on other sites More sharing options...
AngryBMW Posted April 2, 2012 Report Share Posted April 2, 2012 The House is in Galloway, in the Village of Galloway Ridge (Free Standing Condo). KillJoy So you're WAAAAAY fucked. Yikes. -Marc Quote Link to comment Share on other sites More sharing options...
Bahnstoermer1647545488 Posted April 3, 2012 Report Share Posted April 3, 2012 So you're WAAAAAY fucked. Yikes. -Marc LOL Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted April 3, 2012 Report Share Posted April 3, 2012 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 Quote Link to comment Share on other sites More sharing options...
Guest GMoney Posted April 4, 2012 Report Share Posted April 4, 2012 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. Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted April 4, 2012 Report Share Posted April 4, 2012 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... Quote Link to comment Share on other sites More sharing options...
mustangman2011 Posted April 5, 2012 Report Share Posted April 5, 2012 Whats the rent on it now? Quote Link to comment Share on other sites More sharing options...
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