I am joining the Army and will be leaving in May. I am not going to be able to pay the mortgage once I am gone. I have been unable to sell my home over the past 60 days, to investors only, I have tried to sell it for the principal balance, and I am being told I owe more than it's worth, i only have one mortgage. I am currently 30 days past due. I could pay the mortgage. But I was told by my mortage company that to be eligable for a short sale, I would have to be atleast 60 days past due! so I didn't pay them last month and worked very hard to try and sell it, I have had no luck!
2007-03-20 11:17:06 · 7 answers · asked by JUSTON G 1 in Business & Finance ➔ Renting & Real Estate
Skip gave you great advice.
I do short sales in Southern California as well. I find them easy to do and I have buyers lined up to purchase them. However, I suggest you rent it out before doing a short sale.
Regards
2007-03-20 11:58:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you really want to sell the property on a short sale, then you should be talking to the Loss Mitigation department of your mortgage company.
Some of the Wal-Mart rejects that answer the telephone don't understand what you are asking at times and will give you the run around.
Buzz Walt is on the right track, you should go see someone at the JAG's office and see what your rights are as a person with orders to another part of the world or United States.
Another good piece of advice from one of the others is to rent the property out. You can hire a local real estate company to do this for you. They will take care of the small problems and call or write you when something major happens.
You can at least get someone in there to at least take care of more than 2/3rds of the mortgage payment. eventually the rent will equal the mortgage. Being near a military base makes it an ideal place for a rental.
My wife and used this method for our retirement nest egg. Whenever we were stationed in the United States we always purchased a four unit apartment using our GI bill, therefore we had nothing coming out of pocket.
When enough time had passed we would refinance the last place we had, normally not taking any money out just to get my GI bil back again.
Whenever we got back to the United States we would purchase 4 units again. We were able to do this on five seperate occassions. We kept them until we retired. If my family was not able to go with me overseas they stayed at the place we had purchased. We never had to move off post because of an assignment.
This is not easy but you already know that anything worth having is not easy at all. Most of what you will do on the property is tax deductable to include paying the property manager you will have to pay each month. You normally would pay him about 10% no more. Please check with your tax consultant for any tax information.
Go to the housing office tell them you have a house for rent place a 3X5 card on their bulletin board, also place an ad in the post newspaper, you have seen them there before put a 3X5 card on the company bulletin board.
Don't ruin your credit because you are not getting good advise and the benefits you will be getting for yourself in the long run.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-03-20 11:49:11 · answer #2 · answered by Skip 6 · 1⤊ 0⤋
The trick to short sales is to already have an offer with a buyer that is qualified and ready ready to go, and is putting money down. There are tricks to getting away with one , and not being punished. If you sell the home for less than you owe, you will often owe the difference, or be taxed on the difference. Where are you located? If it is Southern California, I have a system set up to move short sales quickly. Just respond through Y/A
2007-03-20 11:38:51 · answer #3 · answered by Ron B 3 · 0⤊ 0⤋
You are going to hurt your credit badly if you let it go past due and then short sell it. Have you tried renting it out to cover part of the mortgage? Try to get someone on a month to month lease, so you can still keep it on the market and give your tenant 30 days notice if you do manage to sell it.
2007-03-20 11:23:51 · answer #4 · answered by Brian G 6 · 0⤊ 0⤋
Call and explain to your mortgage company exactly as you said it here and fax them a copy of your Army duty orders and ask to speak to a manager and I am sure that they will work something out for you. It's a shame to spoil your credit just to settle with the mortgage company. Good luck.
2007-03-20 11:21:51 · answer #5 · answered by Akbar B 6 · 0⤊ 0⤋
Try to keep it for the time-being with your army job and paying for the same till a better time
2007-03-20 11:21:04 · answer #6 · answered by cabridog 4 · 0⤊ 0⤋
You are perilously close to foreclosure. The only thing that might be saving your butt is the Soldiers and Sailors Act..Be careful. Contact a real estate attorney for advice.. Don't jeopardize your good credit...
2007-03-20 11:26:20 · answer #7 · answered by buzzwaltz 4 · 0⤊ 0⤋