Iowa, to allow foreclosure or sell?

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Posted by Dawn on September 27, 2004 at 09:22:39:

Hi,
I need a more experienced opinion than my own, perhaps someone out there can help. I have a house that I just refinanced last year, I have basically no equity built up yet. I need to move. My job is in a town 40 miles from my house and the price of gas has made it impossible for me to stay where I am. I need to move, ASAP - but know nothing about selling a house. I've called a realator who wants 7% as commision, the problem being that I owe 65 and highly doubt (after exploring the market for similar properties in my area) that I could possibly get more than 70. So I'd come out at a loss - I can't afford that. I am not delinquent on my payments - so far - but we're getting darn close. If I take a loss, my credit will nose dive because I won't be able to make my bills. If I throw up my hands and allow foreclosure to avoid taking a loss - my credit will also be toast. Is one better than the other?

Follow Ups:

• Re: Iowa, to allow foreclosure or sell? - Dan Long 19:21:09 09/29/04 (0)
• Re: Iowa, to allow foreclosure or sell? - Janie 18:12:49 09/27/04 (0)

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Comments:
: Hi,
: I need a more experienced opinion than my own, perhaps someone out there can help.  I have a house that I just refinanced last year, I have basically no equity built up yet.  I need to move.  My job is in a town 40 miles from my house and the price of gas has made it impossible for me to stay where I am.  I need to move, ASAP - but know nothing about selling a house.  I've called a realator who wants 7% as commision, the problem being that I owe 65 and highly doubt (after exploring the market for similar properties in my area) that I could possibly get more than 70.  So I'd come out at a loss - I can't afford that.  I am not delinquent on my payments - so far - but we're getting darn close.  If I take a loss, my credit will nose dive because I won't be able to make my bills.  If I throw up my hands and allow foreclosure to avoid taking a loss - my credit will also be toast.  Is one better than the other?


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