I live in Michigan and may have a job opportunity elsewhere. The value of my house has fallen since I bought it and continues to fall as houses in my area go into foreclosure on a weekly basis. Assuming that I can’t sell it for what I owe, what are my options?

I have heard that perhaps you can sell it to the lender for the mortage value or maybe work out an agreement to sell it for less and maybe have the balance added to the mortage of the house you want to buy.

Don’t bother answering with equity loans…the house is worth LESS…no equity. And don’t bother talking about the effects of foreclosure on credit…I understand that, but I also declared bankruptcy about 5 years ago and within a year was getting non-secured credit cards at 9-10% interest, no annual fees. My problem with abandoning the home is that it will make it difficult to buy one and I’d prefer not to move into an apartment. And the other problem I have is I really don’t want to hurt my neighbors. Thanks!

Rent Back Fast

I am considering buying a flat (taking out a mortgage) which I would like to rent out for 1-2 years woud I be able to do this especially considering the mortgage ? thanks!

Sell House Quick

I do because I initially wanted to focus on my grades, make the best out of my education, and my career. My first year of graduate school was HORRIBLE, and I don’t think I could have managed living on my own and working full-time to support myself. Some of my classmates ended up failing out of school because they were working FT to pay their rent.

My school actually doesn’t have dorms/campus apartments, and taking out loans for living expenses would have put me into more debt. My school education alone is highly expensive.

At the moment, I do plan on moving out and it would probably be more ideal once I finish my degree and can get a stable job (not the minimum-wage paying side job that I just got).
I was getting chastised in another question of mine for not being “financially secure” and on my own at age 25, but I think my situation is reasonable. I was wondering if any other graduate students are still receiving support from their parents
I want to move out because I’m not happy with my family situation. It’s a long and complicated story.

When I move out, I want to be 100% confident though. I want to make sure I have enough money to support myself and not survive from paycheck to paycheck or get a panic attack over bills. If I don’t feel 100% confident at the moment, there’s no reason to spontaneously jump out there. Sure, I won’t have to deal with my parents anymore…but there will be other unnecessary difficulties. I’m the type of person who likes to plan things, set long-term goals and make sure I got everything in check.

Rent Back

I am 25yrs old i have an very expensive repayment mortgage.
My husband has quiet allot of friends that rent privately or from the council he thinks that renting and receiving housing benefit is
better i don’t think it is better when you own your home you can always sell it a move on but with a rented council property it doesnt belong to you.
WHAT DO YOU THINK?

Passive Income

I have a 10year fixed rate mortgage which i think means if i sell within this time i get huge repayments. I am torn whether to sell the flat or rent it out when i movein with my boyfriend. Words from the wise much appreciated- i have never owned my own property before.

Repossession

In response to another question one response suggested that ‘freehold flats/maisonettes are more-or-less unmortgagable’, but I would have thought that it would be a good thing to own the freehold on the building when selling a flat or maisonette.

Could someone explain?
What I’m talking about here is a situation where a building has been converted into two maisonettes (60:40) and we want to buy the freehold on the whole building so the neighbours downstairs would then be leaseholders to us.

Sell and Rent Back

Can anyone please explain to me how the mortgage system in uk works and what is the minimum amount you have to pay for a flat or home in uk?How can one manage a heavy amount as ten thousand pounds inorder to buy a home on mortgage basis and what are the different ways???
I am new to this so plz help.

Rent Back

I am currently letting my flat to tennants. They have now expressed an interest in purchasing. However, I never informed the mortgage company that I would be letting the property out (I fell into money troubles because of a lost of job.) What are the reprecussions if I was to sell to them and what would be the best way to manage this (and the mortgage company?) Thanks.

Rent Back

pl note mortgage was not known till after court order was passed

Repossession