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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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I can't take this house anymore!
We're trying so hard to fix/update the house so we can try to sell it so we can get back on track financially. (dealing with job losses), but things just keep breaking and costing a lot of money we just don't have. After having to live off of credit cards to keep our heads above water we don't have much credit left. (I know you shouldn't do that, but when you have 2 kids, 2 mortgages, etc., and job problems, you don't really have much of a choice!  ) Everytime things seem to get better something worse happens. We've spent so much money on trying to have a roof leak fixed. So far no one has been able to fix it. It just keeps leaking in our living room through the ceilng. No matter what they think they're fixing, it's still leaking. Water leaked under the kitchen sink and into the hardwood floors, and now the wood floors may be ruined. This on top of so many other things with this house. I know an older house is standard up on LI, but I will never buy an older house ever again. Our house was built in 1979. The main parts of the house are great, but the previous owners, and owners, just didn't do any repair work properly, did a half a@@ job and now we're paying for it. I just want to get rid of the house!!!! I don't know what to do with it.  Thanks for letting me vent! 
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Posted 1/23/08 10:03 PM  |
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Prudential Douglas Elliman Real Estate
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miracline
LIF Adolescent
Member since 10/07 575 total posts
Name:
kayanna
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Re: I can't take this house anymore!
sorry I really don't have any advise but I wanted to give you some
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| Posted 1/23/08 10:09 PM |
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MrsPornStar
Partners in crime
Member since 10/05 14656 total posts
Name:
Mama
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Re: I can't take this house anymore!
I am so sorry you're dealing with this.
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| Posted 1/23/08 10:51 PM |
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Re: I can't take this house anymore!
I'm so sorry...
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| Posted 1/24/08 5:11 AM |
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MadDogMrsT
Wishing & Hoping
Member since 1/08 1227 total posts
Name:
Here's Hoping
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Re: I can't take this house anymore!
I'm so sorry! I wish I had some good advice, but I don't. Hang in there!
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| Posted 1/24/08 7:49 AM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: I can't take this house anymore!
I am so sorry that you are going thru this, but things will get better. Hang in there
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| Posted 1/24/08 9:39 AM |
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Marcie
Complete Happiness :)
Member since 5/05 27789 total posts
Name:
LOVE being a Mommy!
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Re: I can't take this house anymore!
I am sorry you are going through this - but honestly I would put it up on the market and take what you can get for it.
I know it is not what you want to hear, but I honestly think it is for the best
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| Posted 1/24/08 11:34 AM |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: I can't take this house anymore!
Posted by Marcie
I am sorry you are going through this - but honestly I would put it up on the market and take what you can get for it.
I know it is not what you want to hear, but I honestly think it is for the best
I would LOVE to do it, but we owe more than what the house is worth so that's why we have to update, etc. We need to make it look nicer. It did go up in value a little bit, but we still have a bit to go so this is our best bet. Also, going by what the other houses in the neighborhood are asking for, considering they didn't update their house, we should get what we need, maybe more. Trust me, I would love to just sell it as it is, but I don't think we'd get what we need. 
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| Posted 1/24/08 11:44 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I can't take this house anymore!
Posted by CaidensMommy
I would LOVE to do it, but we owe more than what the house is worth so that's why we have to update, etc. We need to make it look nicer.
Trust me, I would love to just sell it as it is, but I don't think we'd get what we need.
Hi there. I am a new poster (have been reading the home forum frequently looking for ideas for my own). I may be able to give you some advice.
Have you talked to your mortgage lender about your situation? You should ask them if they are willing to do what's called a "short sale". If you don't know what a short sale is you can do a search for more info.
Tell them you are having extreme difficulty making your mortgage payments (since you already have big CC debt) and need to sell the house ASAP or you will risk forcing the bank to forclose the house. This could persuade them to consider a short sale. They can verify your difficulty in making payments by pulling a recent copy of your credit report and looking at your current credit card balances.
While I can understand when you say you need to update the house to increase it's value, honestly you are just bleeding money into this house.
Get the house on the market. It doesn't cost anything to list a house with a local realtor. Now is a great time to sell because interest rates are exceptionally low. I would be calling somebody today to list your house and get it some exposure.
Even if you end up selling for 10k less than what you owe, that's better than selling for 30k less!
If the lender is unwilling to do a short sale, ask your lender if there are any financing options available for you to cover the balance you owe after you sell. If they can't help you... try to get a credit card with a 0% balance transfer option to cover the difference in price.
Then after you sell, RENT a place (that will cost less monthly than a mortgage) and get your credit card bills together with the money you save every month.
I know it's a sacrifice but it will all work out in the end.
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| Posted 1/24/08 12:42 PM |
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xiomyflor23
LIF Toddler
Member since 9/07 421 total posts
Name:
Xiomy
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Re: I can't take this house anymore!
Sorry that you are going through this, hang in there.
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| Posted 1/24/08 5:23 PM |
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HelenZ
So worth the wait :)
Member since 10/07 2862 total posts
Name:
Helen
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Re: I can't take this house anymore!
I'm so sorry you are going through all of this!! we have an older home too- built in 1933.....we've done sooooo much work to it, its exhausting......we have some small leaks in our roof too, but have yet to replace it. It must be really rough for you though trying to get work done in the house since you have kids! I hope some good house vibes come your way! Since they're cutting mortgage rates again, maybe this spring would be a good time to put your house up for sale? You should speak to some realtors, maybe they can help you decide if its worth it to keep fixing it, or to just put it up for sale now
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| Posted 1/24/08 10:18 PM |
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Holly
Prayers to those who need them
Member since 5/05 6631 total posts
Name:
Holly
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Re: I can't take this house anymore!
sorry you are going through this! And its a bad selling time too
HAve you filed a claim with homeowners for your wood floors at least? That may be covered somehow....you would be surprised what is covered, does not hurt to submit a claim.
Hope things turn up for you!
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| Posted 1/24/08 11:33 PM |
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mooshyboo
So Blessed!
Member since 11/07 6297 total posts
Name:
Christine
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Re: I can't take this house anymore!
sooooorrrry you are going through this but i totally feel your pain! my Dh was unemployed last year and we are having a hard time getting back into the swing of things and catching up and we have a baby on the way! Try to hang in there and take it one day at a time!
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| Posted 1/25/08 7:33 AM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: I can't take this house anymore!
I wish I had some great advice for you but I don't... I wish you and your family luck in making the right decisions, whatever they may be.
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| Posted 1/25/08 8:11 AM |
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seank80
Don't Taze My Dog Bro!!
Member since 5/07 2240 total posts
Name:
Sean
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Re: I can't take this house anymore!
Just to let you know that in credit terms, a short sale is almost the same as a foreclosure. It just allows you to get out of the deficiency that would be due.
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| Posted 1/25/08 9:02 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: I can't take this house anymore!
not saying this is what I would do or what you should do:
have you considered bankruptcy? I would try to stockpile away as much cash as I could (so that you could have a security deposit, first and last months rent, a bit for incidentals and for a secured credit card?)
get out of the house, get out of the CC and start new.
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| Posted 1/25/08 9:21 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: I can't take this house anymore!
Posted by seank80
a short sale is almost the same as a foreclosure
This is incorrect. While a short sale does affect your credit, it doesn't do nearly the amount of damage that a forclosure or bankruptcy does. The whole point of the short sale is to minimize your credit hit vs. a forclosure and get you back on your feet quickly.
Good about.com article
Debt Kid Article
Not only will your credit score not go down as much on a short sale as a forclosure, the waiting period to get the short sale affect on your credit score removed is much shorter too. It also reports on your credit report differently than a forclosure. Typically it will just say on your report "debt settled for less than balance" or something along those lines if you do a short sale (I am not familiar with the actual wordage).
And depending on how much you are upside-down on your mortgage, if your lender decides to work out some sort of financing with you for you to cover the balance you owe over a period of time, the short sale wouldn't affect your credit at all because then it technically wouldn't be a short sale.
It only affects your credit if the bank decides to eat the difference. Then you have to decide for yourself if its worth it to you to have your credit scores temporarially drop about 80 points in order to get some free money (could easily be 10-30k depending on the generosity the bank). And while your credit score is "recovering", you can simply rent to re-establish your savings and your credit scores. The about.com article said a short sale typically only affects your credit for 18 months. Forclosures can last for at least 36 months and bankruptcys stay on your report for 7 years. Big difference IMO.
Like I said previously, it doesn't hurt or cost you anything to discuss this situation with your lender. I am sure they deal with this situation often enough with clients to have a couple of suggestions.
You should probably also talk to a real estate lawyer after talking to the bank just in case the bank decides they want to pursue a deficiency judgement against you after the house closes. While short sales have their advantages over forclosures, there are a lot of grey areas that should really be pointed out to you by a professional.
I just wanted to bring up the idea of a short sale since nobody else mentioned it. Good luck!
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| Posted 1/25/08 12:18 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: I can't take this house anymore!
I'm so sorry you are going through this.
Whatever you ultimately decide, please call your mortgage company ASAP and ask them what your options are. One of the main reasons people find themselves in foreclosure is b/c they do not know what to do -- and don't explore or try to find out what their options are.
Call the lender and explain the situation. At least ask what your options are and then research the potential pros and cons of those options.
Best of luck to you.
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| Posted 1/25/08 12:59 PM |
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