Lot's of interesting info here, I wish I could use some of it now but in a deep well so asking if anyone might be able to offer some thought.
Situation: We bought a property 18 months ago thinking we would be staying at this location for next 10 years, until my wife retired. Instead, we are now getting moved to another State and have the property to sell in order to try and do anything reasonable at the new location.
The area here is very depressed, lots of homes on the market and our place is higher than most and of course we have a high mortgages balance/payment.
We recently had a couple come through that might be interested if we can swing a deal for them where they purchase a portion of the property (5 acres), with the house/pond on it for say $210,000; and we could do a land contract on the balance of the land, a little over 11 acres with little down and monthly payments.
Their overall goal is to put as little down as possible, using his VA benefit, and I'm not sure they have more to invest anyway.
The problem is I'll still end up with a lot of unpaid mortgage to carry with no real way to pay it off; although I guess I could re-fi the overall mortgage which of course will be 50 to 70K for a smaller payment as opposed to having payments based on 260K from the original mortgage.
We leave here in 2 weeks and are getting a little nervous about all of this. If they don't buy and we have to leave the home, renting will be very difficult in the price range we are in and certainly we won't see anywhere close to the mortgage payment we have. Again, re-fi might be the only option I can see to lower our monthly payment to reduce the pain a little but we'll still be bleeding out cash, just not from the main artery.
Are there any suggestions at all that anyone might see that could help our situation?
If there is no sale we'll be looking for the largest box we can find to live in as there is no way (that I know of) to get enough funds to buy a home on the other end; we qualify for about $40k under our current circumstances as I am carrying a lot of debt from business charges on credit cards for our start-up business which has not started to pay me back for anything to this point. The hole just gets deeper and the light at the end of the tunnel seems to be fading fast.
Thanks for ear and any suggestions.
Warm regards.....golfmt (I wish)!
Desperate Situation
