[telisa7]

My husband and I own a home in Alabama that we need to sell or rent. If anyone knows of anyone, please let me know. The home is in a great neighborhood; I moved to Washington State in October, 2006. I would have loved to have brought the neighborhood with me. Our home appraised for $179,900 in November, 2005. The home across the street appraises for $270,000. Other homes in the area are appraising for approximately $150,000 - $160,000. We owe $137,000 on our first mortgage and $33,000 on our second mortgage. We want to sell or rent before we are forced into bankruptcy or foreclosure. My questions are: 1. Anyone want to buy or rent this home? 2. Can I file bankruptcy with my husbands name on loans even though he filed about 4 years ago before I met him? From what we understand, he can't file bankruptcy for another 3 years. 3. If we are forced into foreclosure, will both mortgages be paid out? We don't know how foreclosures work and can't afford an attorney to help us. Thank you for ANY help or advice you can offer!

[ScottGem]

First, if everything about the house is as nice as you say, why hasn't it sold? What is your realtor telling you? Have you spoken to them about a rental?

Second, why did you move? Was it a company relocation? If so, many companies will buy the house from you then resell it.

Third, No, he cannot file bankruptcy at this point.

Finally, If the house is foreclosed on, the lender will resell the house at auction. Any difference between what the house sold for and the outstanding debt on it, will still be owed by you. So, you owe $173K. The house needs to see fot that or a little more. What have you listed it for?

[telisa7]

First, if everything about the house is as nice as you say, why hasn't it sold? What is your realtor telling you? Have you spoken to them about a rental?

Second, why did you move? Was it a company relocation? If so, many companies will buy the house from you then resell it.

Third, No, he cannot file bankruptcy at this point.

Finally, If the house is foreclosed on, the lender will resell the house at auction. Any difference between what the house sold for and the outstanding debt on it, will still be owed by you. So, you owe $173K. The house needs to see fot that or a little more. What have you listed it for?

Thanks Scott! We owe $167,000. (I may have listed the 2 mortgage amounts wrong). We have the house listed for $175,000. It appraised over a year ago for $179,900 and I am sure it will appraise for more now. (At least I hope it would).

We moved for my husbands job but there was not any relocation money. It's also a contract position. I don't know if the company would buy it but we will ask.

I have spoken to the realtor and she says that the other homes in the neighborhood are selling for a lot less. The house next door to mine has been sitting unsold and unoccupied for about 2 years now. I don't have any idea what is going on with that one. The home is also listed as a rent to own or bond for title or something like that.

Also, the neighborhood is great. The house needs some minor cosmetic work but is still worth the price. I don't think my realtor is doing me justice. I signed a 6 month contract with her. Can I break this without any consequences?

If the house sold for the amount of the first mortgage, can we continue paying on the second mortgage as it is even though the collateral for the loan is gone?

Thanks!

[ScottGem]

First, the housing market has gone down in the past few years. So if it appraised for $180K a year ago, it may actually not appraise for as much now. Your realtor seems to be trying to tell you this, but pointing out that other houses in the area are selling for less or sitting unsold. An appraisal relies heavily on that information. Most residential appraisals are arrived at by taking 3-6 houses sold recently in the same general area of the same general size and comparing the selling prices. Its possible the appraisal you received a year ago was inflated.

If you sell the house for less than the balance owed, you will still be responsible for the difference. You can talk to the lender of your second mortgage and work out with them about converting the loan.

The only way you can get out of the realtor contract is if you can show they aren't holding up their end of the contract. I would discuss with them what they think you should list the house for. Homeowners generally think their houses are worth the price and almost always overinflate the asking price.

You are running up against two major problems. Its always harder to sell an empty house then an occupied one. Also, you should have those "cosmetic" repairs done.

[Teeninchee]

My husband and I own a home in Alabama that we need to sell or rent. If anyone knows of anyone, please let me know. The home is in a great neighborhood; I moved to Washington State in October, 2006. I would have loved to have brought the neighborhood with me. Our home appraised for $179,900 in November, 2005. The home across the street appraises for $270,000. Other homes in the area are appraising for approximately $150,000 - $160,000. We owe $137,000 on our first mortgage and $33,000 on our second mortgage. We want to sell or rent before we are forced into bankruptcy or foreclosure. My questions are: 1. Anyone want to buy or rent this home? 2. Can I file bankruptcy with my husbands name on loans even though he filed about 4 years ago before I met him? From what we understand, he can't file bankruptcy for another 3 years. 3. If we are forced into foreclosure, will both mortgages be paid out? We don't know how foreclosures work and can't afford an attorney to help us. Thank you for ANY help or advice you can offer!!

I am in PDX OR, needing to relocate BACK to AL. Looking for a house to rent, lease, want to buy more in the country, thoug. Need HSV area. Let me know, please.