gregorygarver.com

RealEstateGuy · Joined: 28 Mar 2004 Posts: 7

My husband and I own a home in FL, we have 2 mortgages. Since the bottom dropped out of the real estate market our home is only worth what's owed on the 1st mtg. Now, my husband has the chance to start a great job in ND making more that we could ever make here, and we just don't know what do do with the house. The mtg is an ARM that will adjust here soon, the property taxes and insurance are coming due(they're not rolled into the mtg) and even if we weren't moving we wouldn't be able to continue to make all the pymnts...needless to say, our finances aren't looking very good. Knowing that the sale of the house would likely pay off the 1st mortgage we'd like to give the home to them and continue to pay the 2nd mtg is there any way to accomplish this? I just don't know what the best way to handle this would be? Any help would be great. Thanks

ZoeyHeart · Joined: 06 Jan 2006 Posts: 4

You could rent out your house and make the money to pay your morage that way. Or even do a rent to own. That way you might even be able to sell the house as well. Smile

xtral8 · Joined: 21 Mar 2005 Posts: 2

You need to call a real estate agent that has a reputation for honesty. They can get you in contact of a reputable mortgage broker. You may be able to refinance into one mortgage and then rent the property. The rent will most likely not be what you pay but if he is getting a better job, maybe you could rough it for a while and pay the difference every month. Sorry about your situation but you should contact an expert that knows how to deal with this.

clambacke · Joined: 08 Feb 2007 Posts: 4

Find a local investor, Such as we buy houses cash,tell them your situation. They may be able to purchase your home for the first mortgage and they will negotiate with the bank to allow them to (short Pay) or be forgiven on the second. Finance companies are over whelmed with foreclosures and are willing to work with most people these days.