Need To Sell House That Has Good Equity But I Can't Afford Payments

idezine123

LoanSafe Member
Aug 3, 2010
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0
1
Hi,

I need to sell my house in CA because I have a job offer in Texas. I have been a freelancer the last few years and the last year or so has been really rough so I was behind 4 months on my 1st mortgage but thanks to a good tax return, I got current on that but I am still 2 months behind on my second. These are both modified loans at 2% and 1% but they are both adjusting end of this year as our 5 years are up.

I can't afford the mortgage payments anymore and I am wondering if I should contact the bank and let them know my intentions of selling and see if they work with me on putting a hold on payments or something similar or should I not contact them.

I have roughly about $110K in equity on the house give or take a few thousand.

Help! What should I do?
THanks
Tony
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Southern California
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Hi Tony,

If I were you, I would sell right away and not worry about the bank just yet. It is imperative that you get it sold so you do not lose it in foreclosure.

If you need time to move, then you can ask the buyer for a rent back or a longer escrow.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
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San Diego, California
www.loansreduced.com
I hope everything worked out the best for you Tony, take Moe's advice - if you see yourself falling anymore behind on the payments list the property immediately before foreclosure action occurs and start making the payments or you could potentially lose the equity you have in the home.

PS: If you need a new mortgage that has no mortgage payment history required (doesn't care about late payments) I might be able to help, just a thought.