Posted on: 14th Jun, 2007 01:52 pm
This is a follow up to my previous post. I have two inv. prop in Pt St. Lucie Florida and am currently 30 days in default on both. I tried to hire a realtor and they have sent me a letter staying that based on the history in the MLS there are currently 31 prop of the same size and location that have not sold and unless I am able to list my properites below market value they are not interested in my listing.
The bank has been calling me daily and I am just ignoring the calls since I really dont know what to say. I just want out at this point! My credit obviously is going down hill.
Any advice?
Thanks for your help!
The bank has been calling me daily and I am just ignoring the calls since I really dont know what to say. I just want out at this point! My credit obviously is going down hill.
Any advice?
Thanks for your help!
hi,
i can understand the feeling you are having.
don't ignore the calls from bank. tell them about the situation. as the properties have less chance of getting sold, talk with the bank about possibility of a deed in lieu of foreclosure.
miller
i can understand the feeling you are having.
don't ignore the calls from bank. tell them about the situation. as the properties have less chance of getting sold, talk with the bank about possibility of a deed in lieu of foreclosure.
miller
Did they give you exact figures on how much the price needs to be reduced to have the chance of getting the properties sold?
You can talk with the bank on whether they will accept a short sale. In short sale bank would accept the proceeds from the sale and can forgive the rest balance on the mortgage. But do ask whether they would be going for a deficiency judgment for recovery of the balance loan amount.
Thanks
Blue
You can talk with the bank on whether they will accept a short sale. In short sale bank would accept the proceeds from the sale and can forgive the rest balance on the mortgage. But do ask whether they would be going for a deficiency judgment for recovery of the balance loan amount.
Thanks
Blue
"The bank has been calling me daily and I am just ignoring the calls since I really dont know what to say. "
Don't ignore calls from bank.
If you do not respond they will mean that you have the money but are not paying while it is the other way around.
You are in financial strife because of which are not able to pay and the bank needs to know about it to help you out if it can be possible.
If you do not respond they will simply assume that you are not interested to continue the payments and start the foreclosure procedure which you do not want to happen.
Don't ignore calls from bank.
If you do not respond they will mean that you have the money but are not paying while it is the other way around.
You are in financial strife because of which are not able to pay and the bank needs to know about it to help you out if it can be possible.
If you do not respond they will simply assume that you are not interested to continue the payments and start the foreclosure procedure which you do not want to happen.
Do you have any funds to meet the balance difference between the amount for which the properties can be sold and total on the mortgage? If you can come up with the funds then you will be in better position and probably save your credit getting a dent. Realtor gave you any exact figures?
I concur with the consensus that you need to involve your current lender(s) in the process...
Beyond this, you can consider:
a. Pricing the property to sell (even it means you have to take a modest loss)
b. Finding a lease to own tenant (and have the tenant pay the mortgage indirectly).
c. Find an another investor and do a short sale (might require an agreement to take a loss).
You mentioned that these are investment properties---why aren't they cash flowing/are they vacant?
Regards,
Scott Miller
Beyond this, you can consider:
a. Pricing the property to sell (even it means you have to take a modest loss)
b. Finding a lease to own tenant (and have the tenant pay the mortgage indirectly).
c. Find an another investor and do a short sale (might require an agreement to take a loss).
You mentioned that these are investment properties---why aren't they cash flowing/are they vacant?
Regards,
Scott Miller