General Real Estate Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 17 years ago,
Need to Sell/Get out of Mortgage FAST - Advice?
My wife just received a job offer that we cannot refuse, and we need to get out of our mortgage.
We currently live in the FL Panhandle in a year 2000 3 br/2ba doublewide on 5 acres. It's about 30 minutes from Panama City and St Andrews Bay, about an hour from Panama City Beach. It's high and dry, sandy soil, with much of the property in it's original wooded state (probably 3/4 of the property). We have a deep well (around 250' deep... I forget), a dry pond that would need to be lined in order to be filled and stocked with fish.
We have no lawn, there is no landscaping to speak of. I'd consider this a distressed property, it has lots of potential, we just havent been able to bring that about.
A new 2007 doublewide 3br/2ba on 5 acres in this area is on the market at $165,000.
We just need to get our of our loan. My wife can't pass up this job opportunity, but at the same time, we have a 20 month old baby girl and we can't afford to keep paying on this mortgage while we live in another state.
We owe $99,000 on our mortgage, this includes a home equity loan.
What are our options? We had no idea she would get this job offer and our house is in no shape to put it on the market. Nothing majorly wrong with the mobile home, except the countertop is faded around the sink from the south facing window. But like I said, there's no landscaping, no lawn.
We don't care about making a profit, we just have to get out of this mortgage. My wife can't pass up this opportunity. Any advice would be greatly appreciated!