Well the time has come to put our house on the market. The Husband sat with a realtor today and talked about our options. We have two. Neither of them sunny. Our mortgage pay-off is currently $84500 the realtor stated he could move the house for $75000 (eek!) Which leaves a deficit of $9500 ( double eek!), and closing costs of about $6000 (triple eek!). So basically about $16000 remaining.
So here are options.
1. Find $16000 to cover it ... hmm, I'm pretty sure I don't have that kind of change under the sofa.
2. Ask for a short sale, and take a 7 year hit on our credit report.
I think we are going to choose option one. I honestly believe if you spend the money you pay it back, no easy way out.
I think we could probably save $4000 ourselves over the next 6 months (that's how long I think it will take to sell). Which would leave a personal loan of $12000. If we were lucky enough to be approved at 15% for 60 months this would our monthly payment about $300. This would mean us both taking on extra work (insert heavy sigh). But if it has to be done, it has to be done.
But wait! That's not all. We would need to save money also to move into a rental home and moving costs. I'm thinking that's $2000.
Is there any sunny side to this?
All I can think of at this time, is that by selling our house we decrease our debt-to-income-ratio, and closer to my desire of moving back to the UK one day (in the far far distant future). I'll take that for now.
So what would you do in our situation? I'd love any and all advice/opinions ... feel free to leave a comment below. And thanks for listening to my rambles --- again.