Upside Down Dw Mh On Fha Approved Foundation
I have a 99 Heartland that I have rented for 3 years that is getting ready to be empty. I would love to sell it but unfortunately I got caught up in some predatory lending that I didnt recognize at the time. So, now, even though it has been rented for 3 years, Im still upside down. It has a first for 99,000 owed and a second for 11,000 owed. Im currently trying to get the 2nd turned into a personal loan so that I can sell it for what's owed on the 1st. My renter wanted to buy it but could not get approved. Private investor?Any suggestions?
Why dont you go get a personal loan and pay-off the second. Then start advertising heavily and sell it for what you owe to save your credit!
Best Regards,
Jeff Adam
[addsig]
Well, I have a feeling that it will probably only appraise around $85,000 or so. I say this based on what I see others selling for around this area. Our market is so heavily saturated that the value has really went down esp. with all the foreclosures. I know I can rent it to make the payment and I will if I have to but I dont make any profit off of it and then it becomes a losing situation. Any more ideas with this further info? Thanks for your input Jeff.
I thought about something since my last reply. What about note buyers. I dont know much about them. Could they help? I have a feeling that they only are interested if there is equity in the property. It's the only way in my mind it would make sense for them to buy my property, but since I dont know anything about them, I didnt figure it could hurt to ask.