Posted by ScottE on November 27, 2000 at 18:43:09:
Missy,
How in the WORLD did your house appraise for $110k a year ago and now the comparables in the neighborhood are $75-85k? Did you get a 125% loan?
Many lenders will credit you 75%-100% of the rental income so you made need to keep shopping for a different lender. I’ll bet one thing, though-if you work a short sale, that may blow your deal with your ‘new’ mortgage company. If you have to sell for less than what you owe, then you should probably be prepared to carry that amount over to your new house. In other words, offer a note (2nd) to your old lender.
I’d still like to hear how your house de-valued so quickly…
Do you have any information on short sales? We own a home that the comparable market value is much less than what we owe and we HAVE to sell. We are not in foreclosure or anything like that but we need to move to a different home because they changed school districts on us plus we have outgrown our house. We appreciate any advice you could
give.
Our balance on our mortgage loan is apprx. $106,000.00 (appraised last year when we refinanced at $110,000.00). The comparable market value is between $75,000.00 - $85,000.00. Our monthly payments are
$958 @ 10.25% interest. IF a mortgage company would agree to let us rent we could probably get $800-850 but some of the mortgage companies we are dealing with to purchase our new house require we sell, not rent. If you need anything else let me know. Thanks.