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justinstout
New Member
Cash: $ 0.90
Posts: 4
Joined: 08 Jun 2010
Location: milton, fl
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| Sell/Trade/Rent/refinance? |
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Hello and thank you in advance for any advice offered.
My name is Justin, i am in the military and I am looking to transition back to the civilian world here at the begining of next year. I bought my first home in July '07 and I am looking to leave the navy with no ties back to florida or the navy. Now, it was my own risky decision to buy my house and I did before the crash but now I am under almost 20% and will take a big loss if I sell.
There are several options out there and i am looking for some advice on what would be best.
- My wife and I would like to buy a house when we move back home, how difficult is it to buy a second home while renting the other one, and would it be smarter to refinance and then rent it out? Or should we try to market it for what we owe/
-Would short sale be an option? What are the effects of a short sale on buying another home?
-Should we try to find a financial counselor/advisor and talk to them? I just don't want to get us in trouble by not being able to find a rentor and trying to survive on two mortgages or a mortgage and rent.
I have many more questions but not sure where to take them, I was hopeing maybe someone could point me in a smart direction.
Just a man trying to not let my family down thanks again
Justin
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Tue Jun 08, 2010 7:49 pm |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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I short sale will show up as a redmark on your credit report for up to 5 years. It's a little better than a forclosure but will prevent you from getting a loan from a bank for many years. If you can rent the house great, but if you don't then carrying 2 mortgages can make your situation worse. I would try that avenue, but if you cannot get renters you will have to find a way to either sell it and take a loan out for the difference and then just rent for a few years until you can afford a nice down payment.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Tue Jun 08, 2010 8:06 pm |
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C9Consulting
Full Member
Cash: $ 17.65
Posts: 88
Joined: 15 Jan 2010
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I agree a short-sell should be your last option before foreclosure. You should try to rent, or take the loss and sell. The best option in my opinion, is to stay in Florida. Can you not stay in Florida and stay away from the Navy at the same time?
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Wed Jun 09, 2010 12:52 am |
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justinstout
New Member
Cash: $ 0.90
Posts: 4
Joined: 08 Jun 2010
Location: milton, fl
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The reason I am getting out of the navy is the reason why i am moving. If that makes since. i have things lined up back at home I am just trying to protect my decision. I do appreciate the advice. Now is it a good idea to refinance before we try to rent?
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Wed Jun 09, 2010 11:58 pm |
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moonraker1
Full Member
Cash: $ 16.00
Posts: 79
Joined: 21 Aug 2010
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Short sell will definitely harm your credit rating. Better to rent or search any other way of borrowings.
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Sat Sep 18, 2010 10:23 am |
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