Long stroy short I may have the possibility to move out of state and it is something I have wanted to do for years, throw in the fact my GF (who I will marry shortly) has a better job oppurtunity by relocating to this state but my problem is I have a $250,000 home that I just bought and have little to no equity in it. To rent the home I would need $2,000 a month and that is too just breakeven and that isnt going to happen in the town I am in. I do have 2 other rentals that are a headache but I am okay with them as they are priced reasonable (around 1k) but I dont make any money off them as they breakeven, they are a longterm investment for me. If I put it up for sale in this market, with RE fees I will take a big hit and it will make the move not worth it.
So my question is what to do? I could honestly up and go tomorrow but I am essesntialy a slave to my home (which I love). I FINALLY have over a 700 credit score that took a long time to get with zero marks on it in over 6 years. I have debated this up and down and back and front and have no real answer. I figured all these great minds at the RX may be able to help me.
What do people do in this spot? I have looked at every angle possibile but not sure if I am missing something. Do banks buy back homes at a reduced cost and let you make monthly payments on the amount you lost? Let's say you owe 250k and they buy it back for 200k can you pay 50k over x amount of years? I am open to any suggestions because I really dont have an answer. I assume a lawyer would be able to help and I am looking into scheduling an appointment with one. Bottom line this oppurtunity is now and I have to start planning it and I would hate to think the only think stopping me is my home but it is. Has anyoen else dealt with something similar or anyone have an answer. Thanks fellas.
So my question is what to do? I could honestly up and go tomorrow but I am essesntialy a slave to my home (which I love). I FINALLY have over a 700 credit score that took a long time to get with zero marks on it in over 6 years. I have debated this up and down and back and front and have no real answer. I figured all these great minds at the RX may be able to help me.
What do people do in this spot? I have looked at every angle possibile but not sure if I am missing something. Do banks buy back homes at a reduced cost and let you make monthly payments on the amount you lost? Let's say you owe 250k and they buy it back for 200k can you pay 50k over x amount of years? I am open to any suggestions because I really dont have an answer. I assume a lawyer would be able to help and I am looking into scheduling an appointment with one. Bottom line this oppurtunity is now and I have to start planning it and I would hate to think the only think stopping me is my home but it is. Has anyoen else dealt with something similar or anyone have an answer. Thanks fellas.