|
|
| *Home>>>Debt Financing |
We want out of our Condo? |
We only wanted to live in this condo (Wisconsin) for one year when we got it in January 2006. We try selling it in Febuary 2007, but no body wanted it, and was on the market for 4 month. We took it off the market. Now, we're in debt over our ears, and the condo is at the same value as when we purchased it. We were told by our ReMax agency that we (out of our own pockets) needed at least $5,881.00 at closing even if we had a buyer..We need to go to Ohio now. Also, the ARM is going into effect in Febuary 2008 at a rate of over $200.00. We're going to bail or abandoned this condo January 1st 2008. We will phone the mortgage company in one week of our plans. We also just signed a lease for an apartment so that we can rebuild or finances for 6 months or so. well if you were going into foreclosure i guess it would not really matter. Keep in mind that defaulting on your home loan is going to seriously affect your credit rating. You might be better off seeing if you can get a renter in there. Even if it is not for the full amount you can atleast catch your breath a little. BTW, buying a property with the intention of only living in it for a year is kind of odd - sounds like you got bad advice. Its better to sell the condo under market than bailing. If you bail and they foreclose on the condo they will sell it for you at way below market value. You will be required to make up the difference. Just sell it and take a 20,000 loss is better than foreclosure and ruin your credit and owe the bank much more. At this point no. You credit is going down the tubes. Life is not going to be easy for you in the future. It will take a real long time to get any kind of decent credit rating. You may want to talk to someone in the field eventually to find out what you can do to get to the positive again. Good Luck! There are people that can help you avoid a foreclosure. I don't know Wisconsin, but I know someone in WI that may be able to help. benebuck8@yahoo.com |
| Tags |
| Easy Money Easy Investing Earn Money Direct Investment Debt Financing Capital Investment Business Investment Business financing |
| Related information |
I am a Christian and have accepted Jesus as my savior. I fully believe it is OK to pray for God to provide for you financially. Matthew 6:25-34 tells us that we are worth more to God than anythin... Dave Ramsey has a couple of great books on the subject.. I recommend "Financial Peace" as one of the best. Or go to www.daveramsey.com there is allot of great info there. And stay debt fr... As long as you pay the credit card off every month, it would be worth it. (Of course, they are banking on you *not* paying it off every month). Shop around for the best "reward" and... National surveys shows that in average American households carry a credit card balance of approximately $10,000. Many find that it hard to reduce their debts especially credit card debts due to it ... most lenders require 6 mo to one year ownership before you can re-fi. seek a mortgage broker [pay him nothing in out of pocket costs] even for appraisal or credit checks. get a fixed rate ... The only way this will help your credit is if they will give you a pay for delete agreement, this simply says that in return for your payment they agree to remove the account from your credit. I... keep the car- quit charging -- and start paying everything you can toward reducing your credit card debt. you can dig your self out of this hole. good luck ...Great question! It's my life's mission to inform people to ensure that they don't make the mistake I did, which is going to law school. I blog about this topic a lot, but I have li... |
Categories--Copyright/IP Policy--Contact Webmaster |