Need to get out of my MORTGAGE !!!!!! PLEASE HELP?

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I live in the state of Florida county of Miami-Dade, me and my wife bought a house under my mother in law name for credit reasons. The house is a 2/1 and cost us $259,000.00 After two years of living there we like many other Americans are having trouble making ends meet. Our monthly mortgage is $1,804.00 which goes straight into interest so our loan never gets touched. We pay the mortgage on time every month but we desperately want out, we put the house for sale seven months ago and no bites yet so I would like any other option and advice!!! thanks

Need to get out of my MORTGAGE !!!!!! PLEASE HELP?

First clue to me here is that you bought a house in another persons name because of poor credit. In other words, you really did not qualify for the loan. Then, you bought it with an interest only loan, another clue that you probably could not REALLY afford the house. You say you are making the payments on time, but I suspect you have a mother in law who would do a "187" on you if you torch her credit, which is likely a primary reason this is being done.

So, you need a solution that does not tank her credit. The market is flooded with desperate sellers. So, you need to get creative. You might need to try doing a lease option type deal where you collect an option fee, and using a lease contract collect rent that would be applied to the option in the event the buyer decides they want to exercise it and buy the house at a predetermined price. If you can get enough for a lease option rent on the house, it will get you out from under the mortgage payment, by applying collected rent. The risk is, if they do not pay even one month, you need to. So, take that option fee they give you, bank it and DO NOT touch it, to cover such an event.

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Need to get out of my MORTGAGE !!!!!! PLEASE HELP?

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