Pre Foreclosure...need Help Quick
We own two homes and need to sell the one we were currently renting out. Our tenants trashed it and we hired a contractor to put it back together. We now have it listed for sale and are making 2 house payments. This has left us to the point of eating ramen noodles to get by. My hubby has excellent credit and his VA loan is tacked on to the house. Should we just let it foreclose? We called the bank to see if we could deed it back and they were very rude and said no way. I have no clue what to to any more, it has out such a strian on us. If we let it go back can we buy another house in 5 or 6 years when my hubby retires? We owe $45,210 on the house. Thanks........[ Edited by mlong121 on Date 03/20/2005 ]
Do you have any equity in it so you could do a refinance for cash & use that to pay bills until you get the house sold or rented again?
There are tons of investors out there that would probaby be happy to take over your payments & give you a little cash to deed the property over to them. Check with local real estate investor clubs, maybe run an ad targeting investors? You need to do everything possible to keep a foreclosure off your credit record.
You can also list the property on this site as well. Good luck.
send a private mesage to John Locke who is a moderator on this site
He is the grand wizard when it comes to this scenerio. He will probably have one of his students from your area come buy your place "Subject Too" Tell him that one of his students from Orlando refered you. John is a great guy and you can trust anyone that he sends your way.
You definetly do not want to allow the home to go into foreclosure, it will hurt your credit tremendously. My advice as a Note Broker is give me some info on the home, and I can speak with the investors that I deal with and I am sure they will come up with a fair deal to buy the home (note) from you. Two benefits...you get cash now...and out of a possible foreclosure. Post your info here for all to see.
Briannull[ Edited by TheShortSalePro on Date 03/25/2005 ]