We have the paperwork into the credit union to consolidate the vehicle loans and get a lower interest rate and lower monthly payment. I hope to hear it will all be finalized next week.
We've also decided to make a big leap. We put our house on the market today. Over the past few years we've decided we want to move to Maryville (outside Knoxville), TN to be closer to some family. We do owe more on our house with or mortgage and home equity loan that what we will probably be able to sell it for, so we will end up with a short sale. However, it will be a relief to be out from underneath at $1250 mortgage payment and $465 home equity loan payment. We will probably be around $10-20,000 short.
My mom just got a modular home set up and was actually living in a mobile home I previously owned (bought new when I went off to college). Our plan is to sell our house, move into the mobile home (and save/pay off debt as much as possible), my husband will apply for a job and once he has an offer we will make the move down.
It quite a step, but we think it's the best decision for our family and may actually provide us with an opportunity to have several months without a mortgage/rent payment that we can really make a big dent in our debt.
Selling Our Home - Short Sale
November 15th, 2009 at 02:07 am
November 15th, 2009 at 03:08 am 1258254502
November 15th, 2009 at 05:17 am 1258262241
November 15th, 2009 at 05:18 am 1258262319
November 15th, 2009 at 01:46 pm 1258292770
Just something to weigh in your mind. We just sold our house and it sold with the very first couple to walk through it and all of the first three couples were interested. Our realtor wouldn't work with us unless we had a stager. It wasn't as expensive as we expected. We paid the stagers $300 to come and tell us what to do and an optional additional $200 to come and do it for us. I highly recommend allowing them to do it for you because we couldn't believe what they were able to do in rearranging our own stuff. The difference was amazing. We spent $1000 on paint, $400 on carpet cleaning and maybe around $400 on things like a new bedspread, throw pillow, curtain, etc. It's money spent at the front of the sale, but the rewards are reaped at the end as you may be able to sell higher than you expected.
November 15th, 2009 at 04:21 pm 1258302064
November 16th, 2009 at 02:27 pm 1258381661
Have you talked to your mortgage and second mortgage loan holders already? Are they the same institution? If different, have they both agreed to the short sale?
November 18th, 2009 at 03:42 am 1258515738
We plan to move from Wisconsin to Tennessee. We will stay at my mom's extra place and keep our jobs while my husband applies for jobs down there. We will not move until he accepts an offer. We are keeping our fingers crossed that he will be able to negotiate for a higher salary and get some moving expenses covered (like he did when we moved here). He works in healthcare. My sister-in-law and her husband live there and have offered to let us stay with them initially. There seem to be many great options for renting, so we shouldn't have a problem finding a place once we get down there.
Our 1st is with Wells Fargo Home Mortgage and the 2nd is with Wells Fargo Bank N.A. I have spoken to both. They will not tell you if they agree to a short sale until you receive an offer on the home. I just submitted the required paperwork to start the process (hardship letter, financial worksheet, proof of income in last 30 days, and our realtor's contact information). Now we wait for an offer and the realtor will submit more information at that time. Wells Fargo Home Mortgage and WF Bank are considered "separate entities" so the first will contact the second and they will negotiate and/or the second will have to agree to take the cut. Once an offer is made and the paperwork is in, it is supposedly only supposed to take approximately 30 days to complete the short sale.
I've read about many horror stories online, so we're keeping our fingers crossed that we get approved and all goes smoothly!
November 27th, 2009 at 11:53 pm 1259365986
Jerry
December 2nd, 2009 at 01:00 am 1259715631
December 3rd, 2009 at 01:45 am 1259804758