Help! I Have 2 Pre-forclosures!
I need help and any ideas on my situation:
I have 1 house w/ value of $575-600k. Owe $594k. $360k 1st and $245k Heloc both with countrywide.
2nd house: Value ~$1.3M. I owe $1.55M. $1.47 1st, 80k 2nd bothe w/ countrywide.
I have been tring to sell, rent, or anything!! Short sales? Deed in Leu? HELP!!!
sounds like a short or deed in lieu.
Have you contacted the bank?
Do you have any financial exposure beyound the property?
Hello! I have not contacted the bank yet.
I have several other properties, some of which I may not be able to sell in time.
Redoing the mortgages is a great idea, but they are at 100% CLTV already, and noone seems to be doing 100% in an option arm or simillar.
House 1 - I am paying ~6.75% on 360k, and ~12% on the 245k.
House 2 - paying 7.25%, ~12% on the 80k.
I will see if I can figure out emailing you direct! Thank you!
Short sale is the way to go. But here is another option. You have to check with your current legislation about the new laws for your state first. List the properties in the paper. Offer creative financing with a subject to option for 24 mths. Let the buyer assume all responsibilities on the property including maintenance. You have some equity in both homes, so that also can be another incentive for the buyer. Option credit towards the the purchase of the home after the 24 mth period is over. The idea is to let someone control the property for you. Giving you more breathing room. Good luck