Okay...what would you do in this case

[brokejoker]

I would go. Then again, I'm not emotionally attached to YOUR house! ;) It's hard to get used to the idea of leaving your home and letting it go but just point out all the benefits to him and let him think about it for a while. He may come around to your way of thinking soon!

[Okira]

I would go. Then again, I'm not emotionally attached to YOUR house! ;) It's hard to get used to the idea of leaving your home and letting it go but just point out all the benefits to him and let him think about it for a while. He may come around to your way of thinking soon!

Precisely what I'm doing. I'm going to let him make the final decision because he has the attachment. Hakuna, I couldn't agree more with what you said. I'll pay you to call my husband and talk some sense into him!!

[drowning123]

But also, Okira, you don't know how long the cousin has to live. You could start paying rent as soon as the end of this week or the next year. It's not a guarantee that you'll live rent-free. I understand where your husband is coming from and I understand where you're coming from. I think the person benefiting the most is your mother. Sorry to say. Does your Mom owe on her house? Would you be actually paying her mortgage? Is she willing the house to you? Will you end up owning the house? Your Mom would end up living rent-free after all is said and done. You need to take care of your future. I'm not saying your Mom is trying to get over, but there is so much to think about.

[HakunaMatata]

Okira, I know you and your husband will make the right decision. Give him time to digest all that is occurring and to disrupt former notions of the housing market, security, stability, and priority. Remind him he has not failed. While his success of homeownership hasn't manifested as originally envisioned (positive equity position), he succeeded in achieving a goal. Life is in flux. Accepting and embracing change (whether it is physical, mental, or emotional) will guide both of you toward new opportunity.

Give me a call when you're ready to move. I'll help pack!

[Okira]

Okira, I know you and your husband will make the right decision. Give him time to digest all that is occurring and to disrupt former notions of the housing market, security, stability, and priority. Remind him he has not failed. While his success of homeownership hasn't manifested as originally envisioned (positive equity position), he succeeded in achieving a goal. Life is in flux. Accepting and embracing change (whether it is physical, mental, or emotional) will guide both of you toward new opportunity.

Give me a call when you're ready to move. I'll help pack!

LOL! Don't think I wouldn't do it!! Thanks

[bigtim6656]

very true, we get to apoint were our dreams and emotions get to our hard. I would hate to give up my jeep, it would kill me and knowing I lost 10k in equity would hurt, but knowing I was out from under a huge debt would be nice. Luckily I have equity in my jeep and luckily since a simple issue caused by the dealer allows me to cut the equity in half since my dad is also on the title. We had a property that my mom and dad bought next to our cabin. The thought was we could use the land to build a nice new home. The prices of matierals, and the value it would hold was to far off so we optied not to go ahead with the build. When we realized we had over paid for the property we let it go vs continuing payments on something that was worthless to us

In days such as these, we all need to expand or redefine our notions of security, stability, and priority. Concessions and realistic projections have become mandatory for many of us. Many of us worked hard and our efforts became tangible. For many, real estate represented our hard work and success. A sense of pride and accomplishment were attached to our properties.

Our houses were formerly deemed "investments". Forget the past (albeit maintain the lessons). Hard work and accomplishment remain. Success and goal completion cannot be surrendered. Market value, however, has not remained; and, houses can be surrendered with pride. This shouldn't be regarded as failure or "giving up" unless, of course, one is referring to giving up a bad investment. Investing in a losing investment simply isn't a keen business strategy.

[Okira]

Well, we finally made a decision after talking for countless hours. We both gave in a little bit and decided that we will be moving, but we will try to rent our home for more than the mortgage payment. We've agreed that if we can rent it after 6 months we'll let it go. We also decided that we won't be making any more mortgage payments until we have a renter. The money will go into a savings account. A few people have advised us to reaffirm the mortgage, but there's NO way that's happening! I feel so much better about this now that we've decided what the heck to do. Thanks for all of your help.

[bigtim6656]

I do not think that will work, if you keep it through your bk be it a ride through or reaffirm you will have to make the payments on time or they will take it back. I think you also have to be current when you file to keep it in a ride through or reaffirm or pay it all up during your bk

Well, we finally made a decision after talking for countless hours. We both gave in a little bit and decided that we will be moving, but we will try to rent our home for more than the mortgage payment. We've agreed that if we can rent it after 6 months we'll let it go. We also decided that we won't be making any more mortgage payments until we have a renter. The money will go into a savings account. A few people have advised us to reaffirm the mortgage, but there's NO way that's happening! I feel so much better about this now that we've decided what the heck to do. Thanks for all of your help.

[Okira]

So if we don't reaffirm or make payments I'm assuming they will begin foreclosure, but can't we then make a lump sum payment to get caught up if we choose? I'm SOOOO confused!!!!!!!!!!!!

[justfiveofus]

You should be able to make a lump sum payment to get caught up, but how would you be doing that? Really think twice if you're using your funds that you're putting in your savings account because what if the renter moves out? Then you could still be facing foreclosure plus losing what you once had in savings.

Also, look at a couple of things...how much does something comparable in your area rent for? Is there a demand for those types of rentals? As well you have to take into consideration that you'll still have to carry insurance on it, plus be responsible for all of the repairs... make sure you're getting enough to cover it. When banks are looking at your finances and they see you have a rental, they only count about 75% of the rental income as income because they figure 25% for upkeep and repairs.

Just a few things to think about. Good luck!

[bigtim6656]

I agree, honestly given morgage payment, insurance, up keep your likely to barely break even. It can me a money maker but not much. If you find a good(read older couple) you could rent it for a long time with little upkeep and end up having the rent pay for the house and you end up owning your house. Risky yes, great reward maybe, down side you loose alittle money.

I would do as justfiveofus says and maybe look for a renter now, talk to some local churches and find someone you know your someone you know knows. That way you know what your getting into. Or ask for a criminal, and credit check.

Right now I would fail a credit check for a house, but if I was renting I WOULD STILL WANT ONE

You should be able to make a lump sum payment to get caught up, but how would you be doing that? Really think twice if you're using your funds that you're putting in your savings account because what if the renter moves out? Then you could still be facing foreclosure plus losing what you once had in savings.

Also, look at a couple of things...how much does something comparable in your area rent for? Is there a demand for those types of rentals? As well you have to take into consideration that you'll still have to carry insurance on it, plus be responsible for all of the repairs... make sure you're getting enough to cover it. When banks are looking at your finances and they see you have a rental, they only count about 75% of the rental income as income because they figure 25% for upkeep and repairs.

Just a few things to think about. Good luck!