My boyfriend and I both own our own homes. We have mortgages on both, and are currently in the process of selling his (we are working on getting it listed). Because his home is in an undesirable location, (the middle of nowhere), we are anticipating that it will be on the market for quite a while. We are financially strapped from paying the mortgages on both. I was wondering if there were some options we could consider that would relieve some of the financial burden until his house sells. Any information or suggestions are appreciated. by brettm_825_936 from Rhinelander, Wisconsin. Jan 24th 2013
I'd be happy to see if there are any options for you both. Possible review of the mortgages on each house to see if a refinance would help cut down the payment. Having a discussion over the phone may be helpful. Thoughts?
If your end goal is to sell the home, then refinancing and adding those costs to your exiting balance will not help you... probably your best solution would be to put a tenant in there on a month to month lease and let them know that the home is for sale.. The additional cash can be used to help with the payments until it's sold.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
You will need to look at the entire situation to see what your options are and what you would qualify for. You should definitely go over it with a mortgage pro before listing it.
I can only assume that when you state undesirable location you are meaning that the home cannot be rented? Is it in a vacation area? You could always try and rent it out. Other than that, there isn't much that can be done to relieve your boyfriend from being required to pay his mortgage. You could possibly refinance it if it has a high rate on it, but not if it is going to be listed for sale (Lender's do not lend on homes that are on the market). I would suggest finding a local mortgage professional and a realtor and explore the renting option and the refinancing option. Good luck, and remember you are taking the most important first step which is asking for help.
When you state "undesirable location", I am assuming that this means that there is no possibility of it being rented. (not near a lake, or any vacation area?) If so, there are a number of online vacation rental companies that you can list it on for rental. If the answer is no, then selling is the best option. You could look into refinancing it if there is a high interest rate on it, but that probably won't save you enough to make it worth your while. I would recommend speaking with a local realtor and loan officer to find out what makes the most sense. You are taking the most important first step by asking questions. Good luck!
I'd be happy to see if there are any options for you both. Possible review of the mortgages on each house to see if a refinance would help cut down the payment. Having a discussion over the phone may be helpful. Thoughts?
Definitely talk to a mortgage professional before you list the home. You might be able to refinance both homes and lower your payments. There are programs for mortgages that are underwater. FHA has a streamline refinance. If your loans are conventional the HARP program might be available. Once you list the home you will not be able to refinance. Also you might consider refinancing and renting. Good luck.
I think that you should sit down with a mortgage professional before you do anything and then decide what route you take after knowing all your options.
If you are looking to sell in the near future, no need to refi.
There are potential options. You need to discuss your situation, and crunch numbers with an experienced licensed mortgage professional. That said, you won't find any at a bank. We lend in WI, and would love to discuss your options with you. Visit www.WI-MortgageBroker.com for more information
I would say you have options but you need to access your situation with a mortgage professional in WI
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