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What if your home is worth 0k and you have a 0k HELOC plus 3k mortgage?
Better idea just to sell or short sale? Payments total are 18/mo and we make around k a year. I was thinking of a refi just to keep the house for about 3 years, then before rebulding our credit, sell it and down size.
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May 9th, 2010 at 1:04 am
There are loans you can get just one day after a bankruptcy has been discharged. However, to obtain a loan for 89% of your home’s value you’d have to have a very strong credit score and the interest rate will stink. If 72K is your net income and you’re okay living off of $1,100 per month after you pay the mortgage, then you’re okay. If the home is truly worth 700K, I would sell. You shouldn’t have to do a short-sale if the house is worth what you stated.
May 9th, 2010 at 1:04 am
You cannot afford this house. If you can sell your home today for $700k, you should do it. It wouldn’t be a short sale because you only owe $623k. You could pay off your loans along with commissions and come close to breaking even (you might even have a few thousand left over). You should then rent until you have enough to put 20% down on a smaller, less expensive house. Good luck!
May 9th, 2010 at 1:04 am
You make 72,000 a year and live in a 700,000 dollar house???? Your payments are 4818/mo. Thats 57,816 dollars per year. That only leaves you with a little more than 14,000 dollars to live off of. What the hell are you thinking staying in that house. Get out of it and get something more affordable. Hanging onto it for three mores years won’t help.
May 9th, 2010 at 1:04 am
This don’t make any sense. You do not qualify for the mortgages you have. Are you making this up? At 72K your are paying 80% of income into housing note — no bank or lender would do this.
May 9th, 2010 at 1:04 am
You are going to have an easier time selling it than refinancing. If you are two years out of bankruptcy and have a good post bankruptcy payment history you may be able to refinance but I wouldn’t hold my breath. There’s no guarantee the monthly payments would be cheaper. It sounds to me you bit off way more than you could chew when you decided to incur that much debt on your income. $72k per year is not enough to be paying for $623k in debt attached to your house. Just sell it and be done with it. If you aren’t in foreclosure yet, just put it on the market. All the mortgage companies are going to care about is getting their money. If it’s for sale they might be willing to sit tight for a while at least.