We live in CA and moving ND in a month. We have 273K on our House which is now worth about 155 K, so we are not able to sell. My husband will make less money up there compared to here, and I am a mother in the home. Her husband was also a work requires it security permissions and it AP having stellar credit in order to keep these clearances. Then... we have two options:
RENTAL - We have talked to two property management companies and have understood the rental would cost us between 400-600 shell out each month. Risky due to unknown tenant issues / costs, but relatively harmless to our credit.
Or a short sale - we have heard that it is better for your credit to continue to make payments during the short sale process to keep current, so we would like to do.? Our difficulties moves, and being not able to afford two places (payments) at the same time.? We have enough savings to continue to make the mortgage for about 5-6 months payments. Today I called the Commander of the mortgage, and they have explained to us that their average processing time selling is 30-45 days.? However, since we have a freddie mac loan and we are current, the property must be listed for 90 days before the sale short is still application.?? If we were the offenders in 31 days, could be waived this requirement of 90 days, but my husband would freak out because this is a late payment, and technically, a foreclosure could begin.
Can what advice you give us?? Please help, we are overwhelmed by what to do.
No comments:
Post a Comment