I own a home in Gilbert, AZ. I have a loan on it for $290,000. I have had it on the market for $309,000 for a while but can't sell it (Unlucky me, it used to be worth $360,000.) My 3 Year ARM adjusts in February of 2008. My current payment with taxes and insurance is $1950. I can't rent it for more than $1400. When my rate adjusts my payment is going to go to $2300+. I can't find a loan to refinance it as all the banks have scaled back their LTV ratio on non owner occupied homes. I have great credit (720+.) I've already remodeled the home (i.e. it has granite countertops, new appliances, etc.) WHAT DO I DO!?!? PLEASE HELP!?!?!
2007-08-27 11:55:33 · 8 answers · asked by Arun M 1 in Business & Finance ➔ Renting & Real Estate
sorry to hear ........lower the price & take the loss when it sells or uh oooo......maybe turn it into a vacation rental -- if gilbert is near phoenix maybe people will rent it by the week or month for vacation ????????? do a web search to try to find a company, possibly international that handles such vacation rentals...........good luck....
2007-08-27 12:02:49 · answer #1 · answered by lauren s 5 · 1⤊ 0⤋
Unfortunately, you may have to reduce the price little by little to see you get any prospective buyers. Make sure you check the prices of what other houses are selling for in the area. Alot of people made mistakes in the real estate market and they are not willing to reduce prices. Who is going to loose in the long run when their ARM's adjust and their stuck paying the mortgage. The bottom line, is housing prices are taking a dive and they are going to dive even more. God only knows what the Fed is going to do with interest rates in the near future but it does not look good for owners with ARM mortgages. I would invest a little money in advertising your home to see if you can lore some people in. Use everything you can to advertise such as newspaper ads, faxes to real estate companies informing them on your listing, the internet(craiglist, etc.). If you are working with an agent, than they can handle all of your advertising. You can also do open houses so people can see the home first hand. If you do not have any luck and you can not get rid of the property, than do your research on short sales but hopefully it does not come to that, unfortunately it has for many and foreclosures are the highest they have ever been. My advice is unload quickly but do your homework because you know the area better than I do.
2007-08-27 12:08:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
this is a toughie....but youre definitely not alone.....im a mortgage broker/investor.....and i talk to at least 2 people EVERYDAY that are in your same situation.
First of all....you cant expect to walk away with much if anything.....
You could definitely try a short sale on the property (if youre not familiar with that contact me...i can help you)
if you hold on to the property....it could take 5-10 years before it gets back to that 360k value
you would be negative about 550/month 6600/ year.....by the time it gets back to 360k (~8 years....you would have spent about $52,800)
short sale would be best
2007-08-27 12:40:28 · answer #3 · answered by tgypt 1 · 0⤊ 0⤋
this is an thought: in case you and your brother the two believe one yet another to be undemanding and save his be conscious, you ought to agree which you will supply him plenty time interior the homestead hire-unfastened if he will sign his share of the homestead over to you. it would artwork like this: enable's say the home is properly worth $80,000 however the ideas-blowing loan is $40,000. for that reason the somewhat fee of the homestead may be $40,000, and your brother's 0.5 may be properly worth $20,000. in case you artwork a honest hire to be $4 hundred a month, his $20,000 might supply him 50 months of hire (4 years and a pair of months). So in this hypothetical case, (a million) he might sign his share of the homestead over to you, and (2) he might then be unfastened to stay hire-unfastened for fifty months at an analogous time as you pay the loan. After the 50 months is up, you ought to the two hire to him at $4 hundred genuine funds a month, or you ought to sell the homestead. with any luck, by using that element, your brother ought to locate a stable-adequate interest to the two pay the hire, or relocate in case you elect to sell.
2016-10-17 03:50:16 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Drop the price to what it is worth, or at least what you owe on it, in todays market profit is gone, getting back what you own is lucky
2007-08-27 12:00:33 · answer #5 · answered by Pengy 7 · 0⤊ 0⤋
www.naca.com
they might be able to help you refinance your house before the jump. They are a non-profit housing advocacy group that does it's own lending. Check them out.
2007-08-27 12:24:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋
sounds like you are doing what you need to do. i don't know which bank owns your loan but maybe they will approve a short-sale on your house. talk with your realtor about short-sale ramifications and how to proceed. good luck!
2007-08-27 12:00:33 · answer #7 · answered by Anonymous · 0⤊ 0⤋
sh@# bricks.
Arizona is one of the first places going downhill with sales of homes.
You need to forget about a profit and do a short sale NOW!!
2007-08-27 12:00:40 · answer #8 · answered by BABALOO 3 · 0⤊ 0⤋