Posted on: 27th Oct, 2007 12:01 pm
i have 2 homes in california and one in nevada that are rentals. we tried to sell these homes last year before moving from calif to nevada,but they did'nt sell. we then rented them for half the rent and for the past year have paid the difference. the new business we bought in nevada is doing poorly, so we have gone through all our savings and have gotten in over $100,000 into debt trying to be honourable and protect our good credit. now there is no other place to turn. we're trying to do short sales, but nothing seems to be moving. the one in nevada we bought for our daughter who has been responsible with all payments.this mortgage just adjusted and she can no longer afford the payments, we can't refinance nor can they buy it because they have no money for a down payment and there are no 100% loans out there anymore. two of the homes are with countrywide. i can't even imagine what 3 short sales or if they would accept a deed in lieu will do to our credit. also we do have some land that is free and clear, but those proceeds really belong to my sister, not us. can they take this land away from us? we are thinking of putting it into an llc to protect it because like i said even though it's in our names, it's not really ours. we are devastated, after working so hard for so long and always being responsible to be in this mess. can you shed any light on this situation? we don't know what else to do. thank you.
marilyn
marilyn
Marilyn...I need some more information to give you an honest & intelligent answers. You are in trouble with 3 homes? How much do you owe & how much do you think they are worth? I would like to talk to you & see if there is anyway we could help you. Please call us direct - Everett & Lisa @ 386.597.1164 or we would be happy to call you...
Unfortunately there is no equity. One home we owe $400,000 and it's worth that or a little less, I owe 400,000 on another one ,but it's probably worth
About $335,000, those 2 are in california. The one in las vegas we owe $225,000 and it's worh that. see my dilema. I'm open to any help possible.
About $335,000, those 2 are in california. The one in las vegas we owe $225,000 and it's worh that. see my dilema. I'm open to any help possible.
Hi Marilyn,
Do you owe these mortgages from the same lender or different lenders? If you owe the mortgages from the same lender, three short sell at a same time seems very difficult.
Yes, deed in lieu will have effects on your credit report but it will have less effect than foreclosure or short sell.
"Also we do have some land that is free and clear, but those proceeds really belong to my sister, not us. Can they take this land away from us?"
As you are not the owner of the land, they can't take this land.
Thank you,
Larry
Do you owe these mortgages from the same lender or different lenders? If you owe the mortgages from the same lender, three short sell at a same time seems very difficult.
Yes, deed in lieu will have effects on your credit report but it will have less effect than foreclosure or short sell.
"Also we do have some land that is free and clear, but those proceeds really belong to my sister, not us. Can they take this land away from us?"
As you are not the owner of the land, they can't take this land.
Thank you,
Larry