Home arrow Mortgage Forums arrow Mortgage Problems and Solutions arrow

investment prop in trouble

Author Message
rsu

Guest







Post Posted: Tue Aug 12, 2008 5:26 pm    Post subject: investment prop in trouble
Like 0
Dislike 0

I have a 4-plex in St Louis that was a bad deal to get into, it's not rented out yet and currently worth about 130k with a balance of 150k. I don't think I can continue to make the payments and have heard that I could:
a. offer a short sale
b. try for a deed in leu
c. re-fi my home to pay down the loan and re-fi it too
d. file bankruptcy (unsecured for St L prop & secured for all my other debt)
I really don't know what to do...any help would be appreciated.
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.67 Dollars($)
Post Posted: Wed Aug 13, 2008 2:22 am    Post subject:
Like 0
Dislike 0

Hi Guest.

Welcome to the forum.

If you cannot afford to continue to make the mortgage payments then you should contact the lender ASAP and inform him the situation. The short sale is the best option to choose and it doesn't affect your credit report much. If you cannot sell the property then you can request the lender for deed in lieu of foreclosure.

BTW the bankruptcy should be the last option to choose and if you want to protect the property then you can file chapter13 and pay off the lender with an affordable repayment plan. Hope it helps. Feel free to ask if you have any further questions.

Best of luck,
Larry
Icon Mini Profile jmiller





Joined: 04 Sep 2008

Posts: 13

5.75 Dollars($)
Post Posted: Thu Sep 04, 2008 10:59 pm    Post subject: Loan Modification Program Now!!
Like 0
Dislike 0

Keep your property...

Have your mortgage re-negotiated by attorneys.

Quick Process

I am a Mortgage Professional, and I do stand by everything I post

Wholesale Financial
Jamila Miller - Mortgage Coordinator
888-789-3998 ext.301
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool





Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.070 seconds.