Need Advice
Hi All
I currently own a home in Morris County NJ. Within the next few months I will be starting to sink into some trouble where I may miss payments and have to forclose.. As of now I am current. I owe 395k. The house was appraised in Sept 06 for 406k. I have had it up for sale for 2 months. I got one offer for 397k which fell through and one for 375k which I turned down. Between 393k i owe,real estate commision (5%) and NJ real estate transfer fee $3900 Iwould need to get around 418k to break even. Similar h ouses in my development are listing for around 399k and selling for 375-395k. I am willing to take some loss but not sure how to come up with the extra cash. Nobody has looked at the house in a few weeks and August is approaching which usually means things will even get slower as Fall approaches. I already am at a low intrest only mortgage so refi probably will not help lower payments. Looking for all options right now before trouble strikes.
Thanks
Mike
thanks blucat
Mike-
whats the reason for selling? have you considered homebuyowner,craisgslist,submittheoffer. these are .com sites. you might consider doing a lease option for 2 years until the market improves.
specialist
was trying to sell so i could save my credit and get my debts paid down
Yeah, I saw this one before. Thanks for sharing it again.
Regarding this same show, I also saw an ad from the group in San Antonio advertising for "extras" to pose as potential buyers at one of their fake auctions.
Such is "reality" TV.
: )
I guess A & E does not do their homework when it comes to real estate guys. The family that was featured a few times in SA have just had 28 of their properties foreclosed on. They use a hard money lender that I introduced them to. My lender was less than happy when he had to take all those properties back. I know for a fact that the properties were taken back because the lender offered the package to me. Of course, the homes were not rehabbed to be retail ready like they should have been. Sad situation that all that hype and it was all lies.
So good to know all this! Being new........and I guess now the ones fm TX are trying to Sell their "secrets" through a book and e-book for around a grand. I know because I received an email on it!
It is really a sad world with fake shows about REI.
At least I found this site that has Wonderful advice from Real people.
We have not been given Foreclosure Paperwork yet but I always make sure I have a Plan B and Plan C. You just never know what will happen always be prepared or as best you can! Thanks for the advice and I truly appreciate it! Best Blessings to you and yours
INOM
I would suggest looking into bankruptcy.
Quote:
On 2007-07-30 12:36, BLACKEY001 wrote:
I would suggest looking into bankruptcy.
NOT A GOOD IDEA.
Look in your local papers to find investors in your area and call them up.
Best of luck to you and your family.
Wish I could help.
How much are the 4 lots that go with the property worth? Can they be divided from the house? Maybe you can see if an investor/developer wants to buy them. Maybe they can buy subject to the existing mortgage and give you money to catch up your payments. Contact the prior owner that you pay the second mortgage to because they wont want to loose their mortgage to a first foreclosure. They might buy the property back subject-to or be able to help somehow. An investor can probably short-sale the mortgage to purchase the property then rent it back to you. At any rate you need to contact a local investor YESTERDAY (or as soon as possible )!!