[I~love~pie]

We are moving. we have a house now we currently owe $232000 on, we have no equity on it, as we have only lived here 3 yrs (barely). We have had a few realtors tell us (with comps) we could probably ask $220K-$244K (probably not that high though).
so we really do not have much money to pay the difference. Can you roll the differece owed into a personal loan( we also owe for a fthb loan through the city for $6500) plus we would have to pay the realtor.

our other option is to rent, but a Property manager wants us to do tons of work which we just again dont have the money for.... plus the money we would have to pay each month to the PM would just equal out to thousands of dollars.

yes I know we would be paying on a house we no longer own, but we would also be done with this house I would rather pay a few hundred a month (that tech we would be paying the PM anyways) .....

 

[jtbuko]

Without the house as collateral you might need someone to co-sign on a loan to pay off the balance. I think?

 

[I~love~pie]

you need collateral to take out a personal loan? So what do people do who dont have homes? I believe its only going to be about $10K. This sucks, I guess we could ask someone in the family to help.

 

[mar123]

You can take out a personal loan without collateral. we have done it.

 

[angie7]

Quote:

Originally Posted by mar123 You can take out a personal loan without collateral. we have done it.

You have to have excellent credit to do this and with the economy as bad as it is right now, I wouldn't count on it. Do you have a car that is paid off that you could use?

 

[LittleBirdy]

You can take out a personal loan without collateral. Or, to be more accurate, you used to be able to. We took out a $7500 personal loan back in 2004 to pay off CC debt. DH and I were not married at the time. In order for him to qualify for the loan, I had to co-sign. (Sidenote: thank god that worked out! Could have been one of the dumbest moves of my financial life.) Not only did he have to have a co-signer, but it had to be me because I worked for the bank and pretty much that was the only reason they gave him the loan. His credit was crappy.

If you have excellent credit maybe you could still get a personal loan? I'm just not sure.

Have you had a hardship? Could you try for a short sale?

 

[I~love~pie]

Have you had a hardship? Could you try for a short sale? >>>>

No, no hardship unless you count moving 3000K miles away a hardship..what does a short sale consist of?