What can I do about my house / mortgage / job situation?
by Mortgage Rates on Thursday, November 11th, 2010 | 7 Comments
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How about getting any kind of job you can get instead of being stuck with the idea it has to be up to your level before you will take it. You could bring in several thousand a month if you worked 2 or 3 jobs.
If the only way you could get this home was an interest only loan then you could not afford it when you signed the contracts either. These are exactly the loans haunting our housing market right now.
I am not sure how long it will take but Florida real estate will come back. There is only so much ocean. anyone living on east coast who wants a vacation home will likely buy in Florida.
Certain parts of country will take decades to recover such as Michigan. But Florida will see high home prices again.
One of the best things would be to talk to the bank.
I would guess you are not alone! Your bank may well have possible solutions already in place. You seem to be a good customer, and they would wish to keep you as one, as it is also to their benefit. You may be able to adjust the mortgage rates (I am guessing they have dropped dramatically since you first signed), or any number of other things to protect their, and your, interests.
Worth a try, anyway! Good luck!
short sale is the best if u cannot meet the mortgage payments and there is absolutely nothing wrong.
Hello, and thanks for this question.
You’re in a situation that many are in, and the media still is not talking about. Job loss combined with a bad loan and declining prices, but not late in payments yet. You’re not alone and in the next two years this will be popping up everywhere. Its the next BIG wave of bad debt that will further cripple the housing/banking market.
We cant tell you whats right for you, but personally, Id walk away. Someone has to take the hit for all these bad loans, and you can step in and be a hero for your loan and save the bank from another non-performing asset, or you can vote with your feet and walk away like many are doing and let the bank deal with the bad loan on their books and not yours.
The banks are getting shored up from all this from the government, but you’re not. I wouldn’t stay in a bad loan, but its your call.
Best of luck to you.
I am going through the same thing but I actually had moved out of my home before I realized how bad the market was last fall. Before getting delinquent on the loan because the house was not selling and was vacant, I decided to rent the property. Granted, I am putting very little profit in my pocket but the house is being cared for and the motgage is getting paid by the tenats. It is a win-win for now. It should not be hard to rent a property in FL I would think. You may have to advertise yourself though cause property management companies will charge too high of a rental amount. Forget making any profit but your mortgage will be covered and credit saved. Good luck!!!
Then you need to protect your credit and get any old job while on the hunt, you CAN do both, and you need to keep up with your payments and work on the refinancing, keep searching for lenders as there ARE some that will refinance to fixed rate especially if you have a credit score over 700,.
Do you have anyone who would not rent but BUY the house from you?
Have you asked a realtor about doing a short sale of the home?