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Advice? short sale my house and live in rent to own house?
I don't think I can afford to pay mortgage and my bills any longer. My interest is too high and with mortgage and bills, I'm paying over $8080 monthly not including spending money. My husband just started self employed and we both make about $9000 a month together and hardly have money left over. my question is that I wonder if I can short sell my house and than maybe look for those rent to own house and hopefully own a home again and don't fall into those high interest rate. Is that rent to own home really work? any advice?
Public Comments
- I'd get an apartment instead.
- you make alot of money.. I live so simply, that I can not even think of how one could spend over 8000 a month. can i suggest that you need to down size practically everything? your problem is not what you are earning its what you are spending. If I may suggest, make a daily list and receipts for everything you buy. and, see where your money is going...you shouldnt be asking this question in my opinion based upon what your monthly income is. Usually this question is asked from someone who is much less fortunate than yourself.
- if you short sell, the bank will come after you for the shortage - for a rent to own - you have to be able to qualify for a mortgage in 12 months or so and if you do a short sale - you'll never qualify - no bank will give you a mortgage that soon after you screw a bank by doing a short sale - and until you get your credit fixed - you won't get a low interest rate
