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having to relocate to keep my job but what about my mortgage??

So my work location is shutting down, in order to keep my job I have to relocate 180miles away.Last summer I signed my first ever mortgage and I had no idea something like this would happen.I want to know how to go about trying not to damage my credit from something uncontrollable for me.And do I just lose out on my down payment and everything? by spacys_921_165 from Kansas City, Kansas. Apr 30th 2012 Reply


Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Start with calling a real estate agent and have them give you an idea of what the home would sell for today. It is likely there was little movement, so using an agent may cost you 5 -7 %. You could also try FSBO (for sale by owner), which is right for some people, but very wrong for others. If by chance the only option is a short sale, FHA has a loan option for you as long as you were current one everything, and had to move for a job. Beware, most lenders, in order to obtain a short sale, force you to have a late payment or two. If you do that, you will lose the ability to get an FHA loan for three years. http://fha-streamline-refinance-mn.com

May 1st 2012
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Depends on what you paid for the home, how much you owe on it and what it's worth today. Do you have anyone in KC that could show the home to buyer's if you listed it FSBO? You may be able to sell it for at least what you paid for it last year.

May 1st 2012
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Ok.. so if you just bought your home, more than likely it has not appreciated much... so selling it and making enough to pay your selling costs might be a stretch, but that would be the best case scenario.. you will probably lose most of your down payment (assuming you have an FHA mortgage)... however rest assured, there is an FHA product that will finance you after a short sale. providing you were not late on any payments, and your employer will write a letter stating that moving is required to keep your job, you can get FHA financing... Keep in mind that your credit score will go down.. but FHA will approve you on a new mortgage right away.. you will have to have sufficient scores and you will need another down payment, but it's an option.. Another option is to rent your home until there is sufficient equity to sell it... as a real estate investor in AZ for 25 years, I can tell you that the "long distance landlord" rarely works out.. if you have family in the area to keep an eye on things, it's possible you can make it work.. WilliamAcres.com

Apr 30th 2012
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Mike Purkey (mpurkey)
#45 ranked lender in Kansas - 26 contributions

The short answer is that it depends. I would suggest getting a loan officer and a real estate agent to help you work through your alternatives given your unique situation. The key issues are going to be the amount of current equity in your home and/or your finanial ability to manage the situation in other way. The equity issue will obviously depend heavily on the current value of your home, but also on the amount of down payment you made when you bought it. I would be very careful on doing a short sale - make sure you understand the long term impact. An experienced loan officer will help you explore your current financial situation and determine your various alternatives. I would be glad to assist you by reviewing your situation and helping to develop a workable solution. KansasMortgageExpert.com

May 1st 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

i might have a renter for you... how much to rent out your house ?? his dad just died, and they are selling the house they are in for probate

May 1st 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

What a tough bind. Your best bet is to meet with a local realtor first to see what your options are and profit/loss might be if you decide to sell vs. keep. If you sell, it is possible that you will take a loss. However, in some markets, we are seeing prices begin to move up caused in large part by the fact that demand has gone way up, and inventory is really scarce. You can also discuss the options of keeping it as a rental. Again, in many markets, rents are rising because there is a shortage of rental properties and the economy has made many more people renters that used to be homeowners. Whatever you decide, I wish you the bet. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

May 2nd 2012
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