Bad Investing Advice
I was encouraged to invest in a home and was supposed to have a lease to own tenant. She left in 3 months. The house has been on the market for almost 2 yrs. Apparently the house has a foundation problem and was inflated at purchase. All of my offers have been less than I owe. All the realestate insiders seem reluctant to give feedback. I need to get out asap because it is sucking me dry. I think I have been scammed.
The lender is countrywide. I found out that the price of the home was inflated in the first place. I have a buyer but he sd the house needs 40000 worth of repairs. I already have the house listed at the payoff. I would like to get out w/o ruining my credit. I cannot keep paying.
Ask the Buyer for whatever he has which can support his estimate for repairs. Does the loan have PMI? Formally request a preforeclosure short sale application be sent to you.
I do not have pmi I had an 80/20 loan. We had contractors come out and do the estimate of repairs