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Hi Everyone,
I'm very confused about what to do, and I hope someone here can help.
I basically have a couple of questions:
1) When potential employers are looking at a credit report, how damaging would a short sale be when deciding to offer a job or not?
2) Should I try to sell a house (short sale) or continue to rent out to tenants until the market turns around?
3) Is it possible to attempt a short sale while being current on mortgage payments, or do I have to be behind on payments?
Some background: I find myself in this position as a result of many bad decisions. In 2007, we decided to move to a new house, and instead of selling the house we already had, we had the bright idea of renting it out to a tenant until the market turned around.
I'm currently on my 3rd tenant because each tenant has broken their lease and moved out early (1st couple got a great deal on a house, 2nd had a job loss and could not afford rent, and the 3rd has just notified me that they will be moving out at the end of the month (i think she has lost her job as well). I lose about $400 every month on this house, rent is $1,300 and mortgage is $1,700.
We are already in a ton of CC debt that i don't know how to deal with (about $70k). we are barely making it now as it is, and i have now lost my job. My wife's income can pay all the bills (barely) but we will barely be able to afford the payments on the other house as well as all the other bills.
So, should I try to short-sell or try to find another tenant. By the way, I say short sell because I'm certain that we owe more than the house is worth.
Please HELP!!! Let me know if i need to post more details or info. thanks.,
I'm very confused about what to do, and I hope someone here can help.
I basically have a couple of questions:
1) When potential employers are looking at a credit report, how damaging would a short sale be when deciding to offer a job or not?
2) Should I try to sell a house (short sale) or continue to rent out to tenants until the market turns around?
3) Is it possible to attempt a short sale while being current on mortgage payments, or do I have to be behind on payments?
Some background: I find myself in this position as a result of many bad decisions. In 2007, we decided to move to a new house, and instead of selling the house we already had, we had the bright idea of renting it out to a tenant until the market turned around.
I'm currently on my 3rd tenant because each tenant has broken their lease and moved out early (1st couple got a great deal on a house, 2nd had a job loss and could not afford rent, and the 3rd has just notified me that they will be moving out at the end of the month (i think she has lost her job as well). I lose about $400 every month on this house, rent is $1,300 and mortgage is $1,700.
We are already in a ton of CC debt that i don't know how to deal with (about $70k). we are barely making it now as it is, and i have now lost my job. My wife's income can pay all the bills (barely) but we will barely be able to afford the payments on the other house as well as all the other bills.
So, should I try to short-sell or try to find another tenant. By the way, I say short sell because I'm certain that we owe more than the house is worth.
Please HELP!!! Let me know if i need to post more details or info. thanks.,
) what do u think about continuing to rent out and losing $400 a month, or just biting the bullet and putting it up for sale?
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