Part III Of The Continuing Saga
Now due to all this mess, not to mention my husband was doing contract work and didn't get paid, we got 30-60 days behind, still trying to get the money. We are going to sell our 100 plus year old historic home, because we have to move out of state to my husband getting a job, and I need to know is it worth going to these loan shark people to clear everything up on the short term so I can buy a house in the new state and start all over again?
Depends on if you think your credit is worth saving.. looks bad already with past dues on a mortgage.. would you lend to someone who was recently behind on their payments a few months?
I strongly advise staying away from "loan sharks", such an ugly word, are you meaning hard money lenders?
gl,
MT
[addsig]
It is absolutely worth saving..until all this...we had next to excellent credit...no lates just overextended...besides we have too much equity in our homes to BKRT, and that is out of the question anyway...I owe the money and I will pay it back..The truth is...bad things happen to good people and I need someone to look beyond the quick to judge and see we are ethical, just in trouble.
I wasn't judging you at all, bad things happen to all kinds of people...
Good luck,
MT
[addsig]
Its sounds like you want to save it...
so ask yourself at what cost? You now have your answer... I would save it... credit and house...
I have always felt that our properties is our retirement, at this point in time 401k cannot deliver you the return that property can. Thank you for your encouragement, I really appreciate it.
I didn't read parts 1 & 2. The bottom line is that you're 60 days late. I presume (because I don't know differently ) that the property is not in foreclosure.
In either case, you need to get in touch with the lender. See what you can work out with them. At the least, you should be able to convince them to give you sufficient time to sell the house- without foreclosing. Even if they wont give you any relief you should have enough time to sell it on the opern market Check with someone local who knows the foreclosure timeline in KY. (that's not me.). I think that KY takes about 120 days for the courts to enter into a judgement and another 30 days for the sale (this could be completely wrong so find out for yourself).
I know that It's hard to swallow this advice. I do think its your best option. It beats borrowing from a hard-money lender. It beats doing some sort of lease/lease-option since you'll be moving out of state. What's important is that the property be priced to sell.
The conflict between the need for every cent you can get and the necessity to price the property at the lower end of the value range will be a difficult task. I've seen too many similar situations where the owner refused to liquidated at a low price only to lose everthihng at the sale.
I guess I should have been more clear, My mortgage payments are not behind...it's the credit cards...blah...and my husband did take a job with a company, so just trying to catch up the ole cards.....I just felt if I could cash out the equity in my homes and pay them off...wow would that be great or what?