I’m currently riding a roller coaster of emotion.
I’m trying to sell my house.
I attempted a short sale due to the divorce and what I can sell it for is less than what it will cost to sell it outright. The bank denied the first attempt.
I can’t afford the house…the payments and utilities are 50% of my income…that doesn’t even include upkeep on a 5 bedroom house on 2 acres. And that doesn’t even take into account that my income will decrease by half in about 7 years because support ends then…
I need to get out from under the burden of the house and all it entails.
My realtor is strongly suggesting we try again. We have another buyer with an offer…and it actually is a pretty good one.
I’m in financial hot water…I’ve already moved out of the home and am renting. Banks don’t even consider short sales “unless you are already in default” and I didn’t see myself living in a house I hadn’t been paying the mortgage for…not to mention that I would obviously be able to make the mortgage if I was pocketing my mortgage money and not sending it to the bank…I didn’t realize how that would make it more understandable that I couldn’t afford the house. So we moved.
They denied me five months after applying.
Now they are foreclosing.
I would be okay with that, but my ex’s job has security clearance that could be in jeopardy if he has a foreclosure on his record. That, in turn, puts my financial security in jeopardy.
So I have four options.
- Allow foreclosure by doing nothing. (not really a viable option in the long run)
- Reapply for short sale and HOPE for the best.
- Sell to the current buyer as a regular sale and close out 401(k) accounts to fund the approximately $40,000 shortfall.
- Have the ex move into the house, significantly reduce my monthly support payments to help him ‘afford it’, and come up with the $10,000+ back payments that haven’t been paid because I moved out and HOPE that someday soon we will be able to sell it and walk away once and for all.
I don’t know what to do.
Hope hasn’t worked for me much lately.
I don’t have extra money.