Suggestions For A Property Losing Money
I am considering trying to give my property to the mortgage company b/c my property has been vacant for 6 months. Property management unsuccessful, even getting HUD tenants into units. A 4-plex on a street that crime has increased and a couple tenants moving out for "safety reasons". Police called on multiple occassions.
Property listed in Bryan, Texas, but only offers about 9k below want I owe. After factoring in broker fee and title insurance, another 8k or so. Wondering if trying a deed in lieu or a short sale with mortgage co. Not a dire financial situation, but blew thru savings last couple of years on these property and another one.
Vacany high on street and area.
Would like to get out, but not lose another chunk of money. Have not missed any payments, because trying not to harm my credit.
Will mortgage company talk to me about short sale or deed in lieu before missing payments? I think they require hardship assistance form, but my income level is above average, and I am wondering if I should just focus on how bad property and street is.
Any suggestions you pros could offer on how to get out of this situation?
Banks rarely accept DILs, despite their big talk about DIL being an acceptable, non foreclosure alternative.
A preforeclosure short might make sense. If you have the resources, have an appraisal done, then list or relist the property for sale subject to short sale approval. Simultaneously, begin the application process with your mortgagee.
Another Approach!
if you are being hurt by the spike in crime, there might be other investors in that area in the same situation. I might try getting together with a few property owners and visiting the local politician and law enforcement.
Burn it down and collect the insurance money so that way you will have a new house and it will be worth more. that is what i do with most of my properties. I put a screw driver in the light socket and i put some hay on the end of it with a touch of gas. this way it burns down a little while after you leave. After you get a new house built for free you just sell for profit. easy come easy go
lol. no im just kidding but it sounds like a good idea right? on a more serious note, i was wondering if they would short it if you were not behind on payments because i thought most lenders require that you are behind at least 2-3 payments, Thanks
Short Sale Pro,
Using round figures, owe $90k, and list for $80k, with subject to short sale. Where does realtor fees come in this? Am I still responsible for the 6% of 80k. Any way to factor fees into banks cut?
Also, suggestions on how to approach the bank about getting them to accept short sale of property? If my income level above average, not personelly insolvent.
Quote:
On 2005-02-17 05:11, TheShortSalePro wrote:
A preforeclosure short might make sense. If you have the resources, have an appraisal done, then list or relist the property for sale subject to short sale approval. Simultaneously, begin the application process with your mortgagee.
There have been talks with police and government, more patrols, random times at night, etc. Also, other landlords sending letters to other landlords.
Fatal stabbing, has agents afraid to show property on street.
No improvement yet.