Mortgage Lender In Reno NV?
My job is moving another 50 miles(from Tahoe City, CA to Auburn, CA) from my home (Reno, NV) which would make the drive a total of 110.65 miles one way. The winters are very treacherous to drive. I would want to move to the area if I’m left with no other option and rent but I could not afford to rent a place and keep my house. My house has lost enough value that I am about $ 35,000 underwater. I have one job prospect in the area (Truckee, CA) but it is not guaranteed. Job prospects are very slim. I know I could not get what I owe on the house. My credit is good, no credit card or any other debt. As I see it my options are to ask my lender for a short sale or walk away. I am ahead on my mortgage payments and the mortgage is affordable. It may become less affordable if I have to drive as my employer is getting rid of our extra pay for working in an area that is less affordable. I’m looking at losing $ 800 a month in income on top of the extra fuel and maintenance costs of my vehicle. Any ideas?
I’m not really interested in being a landlord as it seems like such a headache.
Answer by Help Is Here!
Instead of walking away, have you thought about renting the house out? Would you be able to get enough for it to cover the mortgage?
I wouldn’t drive 110 miles one way either, that is silly.
Just remember, if you do a short sale or go into foreclosure, that good credit you have today is going to be shot for a few years.
Answer by Mack
Try a lease option. They are perfect for your situation.
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