We are struggling paying our mortgage and considering selling?

We make good money but the property taxes where we live are killing us. We would like to sell %26amp; downsize but don't know if we could sell for what we owe. The house needs some cosmetic work but we can't afford to do the work. We don't have good credit. Wonder if we did sell, would we be able to get a smaller mortgage without a down payment. My question really is we want to sit down and talk with someone about our situation but not sure who we should talk with. Do we contact a financial advisor? A realtor? A mortgage company? How do we find a reputable person not trying to make a buck off us (which we don't have!). We have 2 kids and one will be going to college in a year. This is another reason we need to get a smaller mortgage.We are struggling paying our mortgage and considering selling?
A ';good'; realtor should be able to help with those questions. FInd someone whos been in business for a long time and don't be afraid to get references.We are struggling paying our mortgage and considering selling?
Not looking good.





If this helps, your total %age rate may not be 19% APR. It all depends on what part of your debt is with the mortgage at 7.25% and the remainder on the 13% HELOC. Unless it's equal, it might actually be lower.





Anyway, the fact that you probably didn't pay any principle on your interest-only loans, couple that with falling home sales values, means that you'll end up selling at a significant loss. You didn't mention a down payment on the current home, but the lack of one makes your equity position pretty dire. If you do end up selling, you'll have to find a way to cover the shortfall.





Because you plan of purchasing a smaller-value home in a tight credit market with not-so-good credit, you'll probably be asked to either pay a higher APR, fork over more at closing, or both. Since you probably don't have much money on hand, you're probably going to have to pay to get out of the current one, and you seem intent on helping to pay for a college education, buying another home should probably be the last thing you should be thinking of.





There's no good way out of this. It seems that downsizing might actually cost more than sitting tight. You did say you make good money. Might want to figure out how to make that good money go further. Good luck.
I would start with a realtor. It shouldn't cost you anything unless it sells. If that person does not think you could sell your home for a small profit, don't do it. If yes than talk to a mortgage company to see if you could prequalify for a new mortgage.
If you credit is reasonable (doesn't have to be great) and you havent missed several current mortgage payments you could definitely get another mortgage. Consult a realtor about selling your home; you don't have to make any commitment to them. The realtor probably has a broker they would send you to for the mortgage part, although you can use anyone you want. Have you considered renting the property? sometimes thats an option. If you are in florida you can email me, shamieya@yahoo.com and I can help you with a new mortgage loan.
well everybody gets paid for what they do professionally. my first advise is contact a Realtor and see what it will bring after commissions are paid. if you are upside down in it you may have a problem there Houston,
You need to sit down with a Realtor to see if you can get out of this house without any out of pocket expenses. Most Realtors won't charge you a penny until the house sells.





Getting into a new mortgage with no down and not so shiny credit may be challenging. Ask your Realtor for suggestions on a mortgage company.





Dont worry about the cosmetic repairs that need done to the house, many people are out there looking for fixers.