How can an investor avoid foreclosure in a weak market with

mikepollard · Joined: 05 Jan 2008 Posts: 2 1.61 Dollars($)

Is there any way an investor can avoid foreclosure if you have a first mortgage of $60K, a second of $10K, and an appraised value of $78K in a weak market and unable to qualify a good renter?

shane · Posted: Sat Jan 05, 2008 3:17 pm Post subject:

There are two real good ways, continue to make the payments or sell... with 6% agent fees and $1k in seller closing costs there should be enough equity to sell and not have to bring money to the table.

scherzeroni · Joined: 05 Jan 2008 Posts: 51 18.77 Dollars($)

It does look like there is enough equity to break even when you sell this investment property. I would still be on the look out for a good renter, you never know when one might turn up.

ezmortgageloanz · Posted: Sat Jan 05, 2008 7:52 pm Post subject:

Given your reference to foreclosure, I must assume that you aren't able to keep up with the payments (or find a renter that will allow for a positive cash flow).

Your only options are to sell it and try to breakeven or lease option it to a renter cum buyer to get from under it.

Good luck!

Regards,

Scott Miller

All times are GMT - 7 Hours

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