trying to avoid forclosure by selling my rental property mortgage is 2600. loan amount 266k property worth 240 due to market dropped. trying to save my creditif at all possible currently 43 days past due
2007-07-22 15:21:32 · 5 answers · asked by robert m 1 in Business & Finance ➔ Renting & Real Estate
You could do a short sale. The lender would have to accept less than the full amount, but if you can possibly not get any further late on your mortgage, you can kind of save your credit with a short sale. Your score will go down about 60-100 points as opposed to 200-250 for a foreclosure. If you are in CA, I can help you. E-mail me at realestateandloans@gmail.com. My name is Michelle Edmunds and I work for Coldwell Banker. If you are in another state, I can get you connected with a realtor in your state who can help you with a short sale. Good luck!
2007-07-22 17:07:35 · answer #1 · answered by Michelle 3 · 1⤊ 0⤋
I would suggest asking your lender to allow a short sale. A short sale is where the lender agrees to accept less for your home than what you owe on the home as payment in full. This saves them the legal fees and the hassle of foreclosure and it helps you to still sell your home and avoid foreclosure. Not all requests for short sales are approved, but it is a very good option and based on those number sounds like a good house to agree to a short sale on.
2007-07-22 15:42:52 · answer #2 · answered by dzwreck 4 · 0⤊ 0⤋
Talk to your lender about a short sale. If they don't go for it, then ask if you can sell the property and sign a non-secured loan to them for the balance. They may go for that - they'll end u with all their money - and it would keep a foreclosure off of you.
2007-07-22 16:51:38 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
you're finding at a loss. In thought all structures depreciate, or a minimum of for tax purposes. What shop a stick outfitted living house appreciating is the neighbor hood it extremely is in in assessment to different neighborhoods. yet another ingredient that retains the "cost" going up is the fee of what something comparable could fee to construct new. construction costs frequently flow up. once you learn an analogous new living house to an analogous contemporary living house the recent one will sell for extra, however the present one will nonetheless relish because of fact it extremely is a sturdy determination whilst in comparison with the recent living house. A trailer, even nonetheless they lead them to extra suited than ever, will in no way learn how to a stick outfitted living house whilst it comprises public theory, it extremely is extremely seen as a automobile an consequently depreciates. base line, in case you like out of a trailer the longer you wait the extra severe it gets.
2016-11-10 03:28:21 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Immediately talk with the lender.
2007-07-22 15:42:22 · answer #5 · answered by a bush family member 7 · 0⤊ 0⤋