How to escape a bad home?
A relative of mine lives in a house that could only realistically sell for less than 10% of your mortgage balance. They have a 9% fixed rate. They make enough money to make payments for an indefinite period, the problem is the neighborhood has gone downhill after purchase drastically and home is something bad. The main problem though is the neighborhood, abandoned properties, drugs, violence, whatever. They have a good credit fair, but failure to maintain a revolving balance, having a stable job at a decent wage. What advice should I give? (Pittsburgh, Pennsylvania)
This is the main question As I see it. The first thing I would refer to "Making Obama Administration Affordable Home" initiative, to see if your loan could be restructured. See link below. Apart from that, the key question is: Are they willing to take a big hit in your credit history? Because if you do nothing but continue to pay mortgage, your credit will suffer. Couple options available to them if they are willing to take a hit. 1. Offer to give the keys to the bank in exchange for forgiveness loan. Known as a deed in lieu. Not likely, if it is current with payments. 2. Sell the house in a "short sale" – when the lender agrees to take less than it should, to consider the loan paid in full and to clarify any lien on the title. In general, lenders do not this, if the owner is current with payments. Hope this is useful
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