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 mikepollard
Joined: 05 Jan 2008
Posts: 2
1.61 Dollars($)
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 Posted: Sat Jan 05, 2008 1:38 pm Post subject: How can an investor avoid foreclosure in a weak market with |
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| 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 $78K in a weak market and unable to qualify a good renter? |
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shane
Joined: 03 Dec 2007
Posts: 121
Location: Orange County, CA
30.01 Dollars($)
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| Posted: Sat Jan 05, 2008 3:17 pm Post subject: |
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There are two real good ways, continue to make the payments or sell... with 6% agent fees and $1k in seller closing costs there should be enough equity to sell and not have to bring money to the table.
_________________
Shane Milne
TheBestHomeLoans.com
Mortgage Broker
Direct: 949-273-4161
Lending in 50 states + the District |
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scherzeroni
Joined: 05 Jan 2008
Posts: 51
18.77 Dollars($)
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| Posted: Sat Jan 05, 2008 7:05 pm Post subject: |
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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.
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Irene
www.real-mortgage-quotes.com |
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ezmortgageloanz
Moderator
Joined: 06 Apr 2007
Posts: 124
Location: National
37.57 Dollars($)
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| Posted: Sat Jan 05, 2008 7:52 pm Post subject: |
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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
_________________
National FHA Mortgage Broker
www.BadCreditMortgageMakeover.com
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