need help with a real estate question?

Deal Score0

long story short, my wife and i foreclosed on a home in florida, the loan was only in my name we then moved to sc and bought a house together. we then decided to move to buffalo after 10 months of sc.we leased our house out to a couple that wanted to be in the house in less then 2 weeks so we made that happen, we got a moving truck, QUIT OUR JOBS, not to mention we have 3 kids (7,4,2). 1 day before we were leaving this crowell homes company that is doing the lease for us, tells us the people who are leasing it want to back out, they signed the contract and put money down. so crowell homes said go ahead and go and we will probably find someone real quick. we have pre paid legal and they gave us some options but here the downfall we have 2 car payments 6 credit cards maxed out no savings, luckily we bought a trailer and don’t have a mortgage but we cant pay the mortgage for the house in sc. we have been relying on my wife’s good credit for everything and now these jack asses that were going to lease our house are forcing my wife and i to foreclose on the house in sc and turn my wife’s credit to crap. so where do we go from here??????

  1. Reply
    April 29, 2011 at 8:54 pm

    THEY’RE forcing you to foreclose ??? Has it occurred to you that it’s YOUR poor financial decisions and management which have put you into this situation ? TWO car payments, SIX credit cards maxed out and NO savings ?????

    PLUS a previous foreclosure and can’t make up your mind where you want to live ???? AND with three kids ? Oh Lord.

    I am simply amazed at how NONE of this is your fault.

  2. Reply
    Ed Atun
    April 29, 2011 at 9:30 pm

    Your options are few and they are all bad. THe renters did not force you into foreclosure. You were too hasty. You can move when the full rent and deposit are in your pocket. Not one minute sooner. You pull out when they move in. Seems impossible but you are now a landlord and your life is different.
    Your loan on the S.C. house has an “assignment of rents” in it. You can’t collect rent and not pay them at least what you get in rent. Watch for that. Can you sign a deed today to the SC bank? If so, sign it and don’t look back.
    Everyone is going thru a nightmare in real estate now. Our homes are worth half of what we paid. /

    Leave a reply

    Register New Account
    Reset Password