Posted by David Alexander on June 15, 1999 at 12:45:13:
I’m assumming you mean 300k, and 130k respectively. If your in it that low awesome. Maybe sell the home, get the cash, find another lower priced home with a motivated seller, then maybe you can buy subject to the mortgage. That way your cash isn’t tied up and you can use it to do deals.
David Alexander
I won’t be able to pay my home loan-should I sell now? - Posted by Lacey Copeland
Posted by Lacey Copeland on June 13, 1999 at 23:22:30:
My home was free and clear, I took out a $ 75,000 loan out on the house. I won’t be able to pay the monthly payment soon. The moneys is all gone. Should I sell and pay cash for a another home.? I know my home is worth alot more than that. Also, I will have a $7000.00 fine. Are they all like that? Thank you
Re: I won’t be able to pay my home loan-should I sell now? - Posted by David Alexander
Posted by David Alexander on June 14, 1999 at 01:30:00:
Did you not have an exit strategy to pay back the money when you took it out? How much do you think it is worth? How could you sell it and pay cash for another home, the proceeds will go to pay off the mortgage you have. 7k Fine(AKA, prepayment penalty)?. Maybe sell on contract for deed, or L/O, to cover the payments, you’ll still have to find another place to live.
David Alexander
Re: I won’t be able to pay my home loan-should I sell now? - Posted by Lacey Copeland
Posted by Lacey Copeland on June 15, 1999 at 01:56:32:
Thank you for answering me. No, I didn’t have a plan. How about a plan now, like selling this house for $300 and paying back the loan and fine. Then buying another home for less money in another city for about $130 and then banking the change? Is that a good plan?