Want to sell our Townhouse, how do we do it in this market?

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We bought a brand new Condo/Townhome in Rhode Island in 2005.
Its in a decent area, 10 min from Providence. 40 min from Newport. 50 minutes from Boston. We both lost our jobs last November and are both living on one Unemployment check. With student loans, cars, insurance, utilities, mortgage, credit cards etc… Its all getting to be way too much and we are throwing away everything we’ve saved into this black hole of debt & mortgage interest.

So, we’ve read all about both types of Short Sales, (release of lien) etc.
Foreclosure, Bankruptcy etc…..

I know there is an alternative to rent our Condo/Townhouse out but the market isn’t looking that good for renting (to cover what we’d need for bills & to move) BUT, we want OUT OF HERE! We want to either move back home to upstate NY where our families are from or way down south to FLORIDA where its warm. I don’t even care if we RENT again. I’m SICK OF IT around here. One of the highest unemployment rates and we are depressed and miserable.

So, what is there for us to do?
we had so much student loan bills on credit cards we consolidated into a second mortgage while the market was still good. So, now we have the first home mortgage and a second mortgage. These total $ 200K the main problem is that we are 1 of 5 condo units. The one on the end went into Foreclosure when its owner skipped the country. NICE! So, with that unit selling for $ 129K we are screwed!

So we’d short sale and have to get forgiveness for $ 70K
If its a release of lien, I can’t afford 70K plus all my 50K in student loans and still be left with no house.

What the heck are we supposed to do?
Just want to move…..

Any help would be great!

ps- I’ve tried talking to our Mortgage Co. (First Franklin based out of CA) they are NO HELP. and have straight out told us they won’t do anything unless we are 3 to 4 months behind on payments. Of which we aren’t. We have never missed a payment.

  1. Reply
    February 3, 2011 at 8:50 pm

    To rent it out.. just put an ad on http://www.craigslist.org and you can find something cheaper there too in the areas that you want to move to, however its best to get a job before you move there.

    I would talk to a Real Estate agent, to see what you could possibly get for the place they are a lot more qualified to know you area and what you can do with your situation.

  2. Reply
    PlNk pEaRlS
    February 3, 2011 at 9:07 pm

    First, I’d like to advise against bankruptcy because you will ALWAYS have to pay your student loans, even if you declare bankruptcy. Plus it destroys your credit for 7 years.

    Now, go apply for jobs EVERYWHERE even McDonald’s & other crappy places– little income is better than no income. Aggressively apply for jobs all over the company in your field. Not everywhere is doing as bad as your area. I live in VA and *knock on wood*, the market is still good here. Maybe you can land a job with a company that will pay moving expenses. Even if it’s not the job you want or if it makes less than you need, it’s better than nothing. See if you can trade in your cars for something older/cheaper. Or sell them & pay cash for something less fancy, but reliable.

    Have you even talked to a realtor to have your house listed? I personally would never buy a “for sale by owner” home, but that’s just me. Other people might, but I don’t think they sell as quickly. You need to sell the house, regardless of whether or not you make profit and get out. Let it become someone else’s problem. It will probably sell quickly too! This is a great time for first time home buyers!

    My prayers are certainly with you.

  3. Reply
    February 3, 2011 at 9:25 pm

    Don’t come to Florida, the unemployment rate here is higher than the national average. There are about 200 people applying for every job that comes along.

  4. Reply
    February 3, 2011 at 9:57 pm

    My best advice and as frustrated as you are and I will probably get thumbs down. TRY TO SAVE YOUR HOUSE AND CREDIT!!!! A short sale won’t fly with that much money being lost and besides that it will take months before the bank even approves a short sale.

    Could you take low paying jobs in maybe the mall or walmart or something and try to work out and save your house? I know you probably didn’t go to school to work getting minimum wage but you will have some money and in the mean time maybe you will meet people who are hiring in your area of studies vs. living on one unemployment check.

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