We need to sell our home unfortunitly I have been laid off and one income is not going to pay the bills. The value of homes in our area of Indiana is so low... there is no way we will get what our pay off is or what the house is worth. I watch the show design to sell and I don't know how they do it. My realto says no matter what we do at this point there is no way of getting any more money... I wish that show would come to our house and get me the money we need.
This is what's happening in Real Estate 2008. Many people are having to sell their homes for less than what they owe. Declining markets, people re-fied for more than what the house is worth, buying houses for 400,000 that two years before was worth 300,000, and last but not least, foreclosures, has all become a factor. I don't see prices rising anytime soon, more likely to decline even farther.
It would probably be much easier to look for another job than it would be to be able to sell the house for what you owe on it.
Debrat -- sorry but I think your realtor is probably right, Designed to Sell can't help if you're "upside down" on your mortgage. It's very unfortunate, but I think you're in the same boat as a lot of sellers right now, owing more then the home is worth. I've been hearing a lot about "short sales" lately. This is where the bank that holds your mortgage allows you to sell the property for less then you owe on it. There are a lot of hoops to jump through with the bank, and not everyone that wants to do a short sale gets the approval of the bank, but you may want to discuss it with your bank and see if you qualify.
The best advice I can give you is to pick up the phone and contact your mortgage company. They may be able to do a workout to where you could afford the monthly payments and still keep your home. Hopefully, finding a job will not be as hard as selling a home. But it cannot hurt one bit to call the mortgage company.
In addition to the good advice above you need to take a good look at your total budget. What other bills do you have? If you have a car payment, sell the car and buy a "get around car" (something for $3-4,000). Stop going out to dinner, stop using credit cards. Do what you can to keep your house. You can still try to sell it, but it's an uphill climb.
Thank you to all of you that responded. Yes I have filed unemployment, and very much out there looking for another job. So is everyone else unfortunately I am not the only one hit by this. We are trying to sell cars and a motorcycle just not moving too quickly either. As for dinners no we do not go out to eat and I budget my spending at the grocery store to needs not wants. Also we have found on line to anyone out there that needs help for food. Called Angel Food Ministries. You go to their website find a local distributor order once a month. The food is good and the people where we pick up our order are very nice and don't make you feel bad. www.angelfoodministries.com We have talked to the mortgage company and they are not willing to work with us to lower the payments in anyway they say it is because of us living in Indiana, don't really understand that one but ok... and the realtor is working on hopefully a short sale. For now we are just treading water and soon hopefully reach shore and make better choices in the future. Oh and by the way we don't have credit cards shredded them last year! Thank you all again
Also, if you haven't done so, and I know weather permitting, clean out stuff and have a garage sale or take stuff to a local flea market and rent a booth. If you have larger items, maybe you could put an ad in the penny saver newspaper.
Good luck to you and my prayers are with you. Stay on the mortgage company - don't give up.
I have been laid off and one income is not going to pay the bills.
It seems to me that your best option all the way around is to take on one or two or three jobs -- any jobs -- in order to get income coming in again. Don't hold out for a job equivalent to the one you had if it means losing your house. Work at Walmart, deliver pizzas, deliver newspapers, take pretty much any job that will help you get through this time so you can save your house and save yourself from taking an even bigger financial butt-kicking (being upside down on the house) than getting laid off was.
"Oh and by the way we don't have credit cards shredded them last year!"
Good for you, Debrat! As far as I'm concerned, everybody in the country should do the same exact thing, but that's just me.
As sad as your situation is - and I truly hope it gets better for you real, real soon - it is a perfect example of why couples, IMO, should purchase a house based on only one income.
And remember my gramma's favorite saying "This too, shall pass." Don't let it get you down in the dumps. You'll do what you've always done and pick yourself up by the bootstraps and keep on treading.
