Problem Property
I have a piece of property that, with the first and second mortgage, I owe more than the propterty is worth. Does anybody have any suggestions as to how I can sell, lease option, or rent this property to come out even?
How'd you end up in this situation?
Why do you owe more than the property is worth?
[addsig]
Well, I actually live in the home and did not plan on selling so soon, but the family wanted to move back to Denver, and here I am upside down still living in the property.
need more info.........numbers to compare......input....input.......i need input.......kenmax
Here are more details as requested. The home was built in 1980, sitting on .45 acres. 3 bedroom, 1.5 bath, full 2 car garage, 1400 sq. ft., loft, and view of Pike's Peak. First mortgage = 173,000, second = 41,000, appraisal = 190,000. Any help would be great.
who owns your 2nd?
Houshold Mortgage owns the second. Is there a way for me to sell the house, covering the first and still keep making payments on the second?
This is just a thought.. you owe 214 on the property correct?
Sell it Lease Option for say 200 or 205. with like 5 or 10k down. You wont be even on it yet.. but in your lease payments make them enough so that you can pay off the extra on your 2nd within the next 2 years.
That way you wont have to ruin your credit.