I made some big mistakes this year. I got a 4 suite apartment, which is in a bad neighborhood, that I probably overpaid for. I also got a house for the person who helped get me financing for the apartment. The agreement was he pays for the house mortgage until he is able to refinance it in 6 months. He couldn't make payments after a few months, and I am stuck with the house too. I want out of both deals so bad, my credit is shot because of late payments, the house is almost 3 months behind, i'm screwed. What's the best way to get rid of everything? Short sale, bankruptcy, what? I don't want to do something where i give them up, then have to pay the difference, i have no money for that! God i'm so young and stupid!!
2007-09-27 06:53:37 · 10 answers · asked by Jason 3 in Business & Finance ➔ Renting & Real Estate
don't ever do such a large deal for someone else, because you are now stuck, best thing to do is go and talk to the lender and see what you can work out, because the last thing they want is another foreclosure on their hands, don't just wait around, call them today and set up an appointment
2007-09-27 06:57:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you cannot rent the houses for enough money to pay the mortgages then both houses are going into foreclosure, you cannot change that. The banks will sell them and you will owe the difference. You can pay that off over the next 7 years while you try to rebuild your credit.
2007-09-27 09:50:35 · answer #2 · answered by ebosgramma 5 · 0⤊ 0⤋
I suggest going to a Real Estate lawyer pronto. Explain to him/her the situation and he/she will be able to give you your options, the best way out, etc. You can file for bankruptcy, but the bankruptcy will stay on your credit record for quite a few years and will make it hard to borrow any money. You could possibly have an auction to get rid of the property, the lawyer would be able to help you with that.
Good luck.
2007-09-27 06:59:31 · answer #3 · answered by ckcool192000 3 · 0⤊ 0⤋
I don't know much about buying/selling houses,and i also don't know if American real estate is the same as British real estate,but can't you just sell both places off and use the money from the sales to pay off the majority of the mortgages?
I'd suggest talking to a real estate agent as soon as possible,anyway.
x
2007-09-27 07:08:29 · answer #4 · answered by Mrs_Golub 4 · 0⤊ 0⤋
Do not and I repeat do not let it go into foreclosure. Get a personal loan or refinance now!!! Otherwise your credit will be crushed for years to come.
Let me help
Jonathan Brinker
jbrinker@redhotrates.com
Residential Mortgage Center
Charlotte, NC 28217
http://www.redhotrates.com/StaffProfiles.aspx?ID=409369
2007-09-27 06:57:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
not till dad signed criminal documentation that u can produce in a courtroom room. so a ways as getting it off his credit that may not going to take place and he's caught with it for the subsequent 7-10 years.
2016-10-20 03:51:31 · answer #6 · answered by ? 4 · 0⤊ 0⤋
just sell it all and get paid off what you need to pay off and i hope that this has taught you something . Not to get anybody a house unless they put it in their name right away . I wish you luck .
2007-09-27 07:05:42 · answer #7 · answered by Kate T. 7 · 0⤊ 0⤋
I think you should consider consulting a bankruptcy attorney. They usually give you a free consultation.
2007-09-27 06:57:13 · answer #8 · answered by Monica S 1 · 0⤊ 0⤋
Set fire to both lots, make it look like someone was out to get you. I had a neighbor who did this, of course, he got caught and thrown in jail. He told the cops it was Satan worshipers, but when he added graffiti to the side of his house, he misspelled "Satan's Cult", writing "Santa's Cult" instead.
True story.
2007-09-27 06:57:58 · answer #9 · answered by Anonymous · 1⤊ 2⤋
The best bet is to contact a lawyer.
2007-09-27 13:38:48 · answer #10 · answered by frankie b 5 · 0⤊ 0⤋