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31
RayAmerica
@
2011 Mar 5, 12:16am
RayAmerica
@
2011 Mar 5, 12:16am
You’re a real estate expert…and there are 10 people who think they’re experts for every 1 that is.
Did you have any particular duck in mind?
32
bubblesitter
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2011 Mar 6, 5:34am
bubblesitter
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2011 Mar 6, 5:34am
My condolences to your situation,
I love when people misuse words. Or maybe E-man really does support HELOC abusers and feels their deep grief and mental anguish. We should all start a fund for cjwest, for her great loss.
Its like a cult. Once you have a mortgage you are sympathetic toward other mortgage takers regardless of other different circumstances.
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Basically, we want our new larger house. It fits our family and we can afford if/when I have a job. BUT, I worry the "rental hose" loan could reset, making it cost more than rent pays. When rates go up it will too. Not sure the rate limit on that 90k...I should check.
At this point, MUST I sell the rental, to kill my exposure, or should I wait? If I don't find a new job and Refi fast to a low rate, the whole thing falls apart. I am getting depressed about the time it's taking to get a job....
Unemployed Schoolteacher in CT needs help–sell house now? Here’s the facts:
Owned a house (was 325k at height, now worth 225k to 235k-minus 5% selling fee)
The agent talked me into keeping the first house to rent, then buying the bigger house we needed. Now unemployed 6 months, this seems very risky.
Small house:
rents for $1400
Costs are 1200, 88k mortgage/taxes of $985/mo. Plus home equity loan 90k, 5.6% interest (variable rate!!!) currently $230/mo. , Also flood policy $85 mo, maintenance, lawn etc.)
total mortgages/insurance $1300 month + maintenance
Rent just covers this. The furnace and roof will go someday though. Rates could take the variable rate loan from $230/mo to 1k someday–I think? What if renters stop paying? What if rents fall in the area…
Selling it could net 40k, which would help until I can change careers or get a job. If I try to hold on to it and sell in a decade, it could risk the house we need. Will it even appreciate I wonder.
_______________________
Bigger house: paid 332k, put 70k down from taking home equity on small house. 30 yr. fixed 5 3/8% Mortgage of 264k= $2070 month–includes tax and insurance.
At this point, I’d sell either house? Spent 15k savings to keep both. I feel I must do something right away, before the 90k variable rate loan means I will be able to afford neither house. My kids need a house…
I keep hoping…If I can get a job, I could refi and use the tax break from the mortgage interest? Can recently unemployed people refi anymore? I may be underwater on the bigger one if values dropped about 20% in last 2 years? Any suggestions or help very welcome!!
#housing