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stuck in our house, upsideown

Posted by on Sep. 23, 2014 at 4:33 PM
  • 15 Replies

im at a loss what to do. wondering if you gals have any experience. we bought our house 7 years ago (at the end of oct) at the top of the market. we hav done tond of updates new windows, kitchen/appliances more attic insulation, new tree new roof it had dry rot as well. well  if the market goes back to where it was, that is what caused the housing market crash so we dont really want that to heppen but we are like $35k under. We have a paper signed with the bank luckily if we had to short sale that we'd not be accountable for the loss amount but i think it woud still hurt credit. we'd only do that if we had to move because of work to another state. we have no family here etc and we can't rent it out. the loan is FHA or some state program thing too. thye wont work with us, if we sell do i just have to go 30-50K in debt to add to the next house we buy? what the frick do we do? thoughts? this house is getting too small for us and i have a few businesses now that take up some space. and its only 1 bathroom and with a family of 5 as of now, it's interesting lol.

by on Sep. 23, 2014 at 4:33 PM
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Replies (1-10):
Amy_M
by Bronze Member on Sep. 23, 2014 at 4:36 PM

How do you plan to get a loan when you are short saling another house?  Doesn't seem like anyone is likely to give you a loan so fast.

strawberryLVR
by Gold Member on Sep. 23, 2014 at 4:40 PM

 

Quoting Amy_M:

How do you plan to get a loan when you are short saling another house?  Doesn't seem like anyone is likely to give you a loan so fast.

 that's what im saying. we would be screwed. if we couldn't sell for what we needed we'd owe like $30k on what we couldn't sell it for. Someone mentioned that there are sometimes terms and conditions that banks have like if we are not held accountable that it may possibly not hurt our credit. No matter what, we'd have to rent and save up for downpayment on another house. I just feel so screwed. We need to make this house work for us. But someday we will have to move due to job change you know? most likely out of state too. for now we are good but I feel stuck in this tiny overpriced place ha

 

Bmat
by Emerald Member on Sep. 23, 2014 at 5:05 PM

Talk with the bank and see if they will adjust the loan. Also talk with an attorney.

strawberryLVR
by Gold Member on Sep. 23, 2014 at 5:44 PM

 

Quoting Bmat:

Talk with the bank and see if they will adjust the loan. Also talk with an attorney.

 ya bank said nothing can be done. what kind of attorney would I seek? any ideas?

Bmat
by Emerald Member on Sep. 23, 2014 at 6:20 PM
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There are attornies that specialize in real estate, so check with  one of them.

Quoting strawberryLVR:


Quoting Bmat:

Talk with the bank and see if they will adjust the loan. Also talk with an attorney.

 ya bank said nothing can be done. what kind of attorney would I seek? any ideas?


strawberryLVR
by Gold Member on Sep. 23, 2014 at 7:26 PM

BUMP!

AvantGardener
by on Sep. 23, 2014 at 7:28 PM

I would just stay. I mean it's uncomfortable but, I could never walk away from a house.

Bmat
by Emerald Member on Sep. 23, 2014 at 7:38 PM

I'm not recommending this, but I know a family who did walk away. To stay and continue paying on the house would have cost them much more than the house was worth. They are now renting a house.

calsmom62
by Gold Member on Sep. 23, 2014 at 9:26 PM
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Any chance you could put on an addition and maybe add at least a half bath?
HarleyQN
by Member on Sep. 23, 2014 at 9:49 PM
1 mom liked this

The market is where it needs to be. The value of your home was ridiculously inflated when you purchased it; meaning your house was never worth what you financed it for. The housing market is in a prime economic situation. The truth is, you are going to have to sell your home, then rent for a couple of years, re-building your credit or give the house back, file bankruptcy and start fresh. 

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