Need to get out of my MORTGAGE !!!!!! PLEASE HELP?

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I live in the state of Florida county of Miami-Dade, me and my wife bought a house under my mother in law name for credit reasons. The house is a 2/1 and cost us $ 259,000.00 After two years of living there we like many other Americans are having trouble making ends meet. Our monthly mortgage is $ 1,804.00 which goes straight into interest so our loan never gets touched. We pay the mortgage on time every month but we desperately want out, we put the house for sale seven months ago and no bites yet so I would like any other option and advice!!! thanks

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7 Comments
  1. Reply
    glenn
    May 15, 2011 at 12:28 am

    There are no good alternatives.

    Get the house in perfect condition, list with a great Realtor, price it at bottom dollar. (No room for negotiation but when they make an offer we hope they have already fallen in love with it- so when you counter back at full price maybe they will realize there is nothing better.).

    If you can no longer make the payments and are about to get foreclosed you will have to ask the bank if you can do a short sale or whatever, but those are not good choices.

  2. Reply
    Rafael P
    May 15, 2011 at 12:59 am

    First clue to me here is that you bought a house in another persons name because of poor credit. In other words, you really did not qualify for the loan. Then, you bought it with an interest only loan, another clue that you probably could not REALLY afford the house. You say you are making the payments on time, but I suspect you have a mother in law who would do a “187” on you if you torch her credit, which is likely a primary reason this is being done.

    So, you need a solution that does not tank her credit. The market is flooded with desperate sellers. So, you need to get creative. You might need to try doing a lease option type deal where you collect an option fee, and using a lease contract collect rent that would be applied to the option in the event the buyer decides they want to exercise it and buy the house at a predetermined price. If you can get enough for a lease option rent on the house, it will get you out from under the mortgage payment, by applying collected rent. The risk is, if they do not pay even one month, you need to. So, take that option fee they give you, bank it and DO NOT touch it, to cover such an event.

    This is just one option. I am sure you will see others here as well.

  3. Reply
    Sophie Tucker
    May 15, 2011 at 1:37 am

    You and millions of others. Just wait: your loan payment is going to adjust soon to cover the principal you have NOT been paying. So – what to do? You get a Realtor and have them contact the bank to do a “short sale” in which you sell the house for less than what you owe on it. It will ding your credit, but not nearly as bad as a foreclosure.

  4. Reply
    DakB
    May 15, 2011 at 2:23 am

    So you signed up for an interest only loan? OUCH! Did you have any down payment on this house? Do you have any equity (buy it for less than it’s worth?) If you were unable to make the monthly payments for 60 days then the lender would be calling you about how you were going to be able to resolve the problem but, since you have been able to keep up, it’s a different story. It’s a problem because while it is your problem it does affect other people in fact your mother-in-law and it’s not a good idea to hurt your wife’s mother’s credit and not paying the mortgage will do just that! I hope that you are the one’s on the mortgage? If you have been paying for the past two years and making your payments on time then now may be an excellent time for you to go visit with the lender about refinancing the property in your own name. The rate’s are lower and YOU now have credit with them! Get the copies of the checks – all of them and go visit the lender! Explain the issue and tell them that you are the persons paying the loan and you want to renegotiate the loan NOW! Skip the financial pinch story unless you don’t want the house anymore. If they don’t want to work with you (they are still the best bet you have. They know that you have paid on time and can choose to add any fees to the back of the loan so there may be little out of pocket costs in fact they may give you a Free from payment month while they are at it. Get the principle, interest, tax and insurance all wrapped up in one payment. One FIXED payment! and then as you are able to do so pay an extra principle payment marked PRINCIPLE ONLY!! on the check. It should work out for you now that you have proved yourself. If they don’t want to work with you-find a new lender that will and take those same copies of the cancelled checks to them! As soon as the old lender gets a “request for payoff amount” from a different lender they may change their mind about working with you. The very best of luck!

  5. Reply
    Erica
    May 15, 2011 at 3:18 am

    contact me. FHA has a program that you may qualify for and get into an affordable fixed mortgage.

    esmith@idealmb.com

  6. Reply
    ebosgramma
    May 15, 2011 at 3:59 am

    This is why so many lost their homes.
    YOU like so many others have bad credit, YOU are a credit risk but you found a way around this and got in over your head.
    You must continue to pay the mortgage until you are able to sell the house or risk destroying your MIL’s credit.

  7. Reply
    bigrealestate2000
    May 15, 2011 at 4:50 am

    Well for one thing I handle real estate and mortgages. if you did 100% financing and you set the payments onto a Principal and Interest payment .you would still be paying all interest on that loan anyways. Sell the property but I do not know the value? maybe your home is not priced right to sell?. But if you sell it for less than what is owed on the balance then you are in a short sale situation..

    All you have to do is pay income tax on the difference of what is owed on the property minus what you sell it for.
    But you need to discuss that with your realtor in your area.
    I am not in Florida so I do not know Fl laws regarding short sales. I am in California

    If you have other questions send me a email there is so much to discuss on email.

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