Where Can I Go From Here?
I just stumbled on to this web site today, and am very interested in what I have read. This is all very new to me, so I will try not to sound to ignorant. I just post my home for sale. Im pretty sure that it is in pre-forclosure statis. I haven't heard from the mortgage company, but I'm behind on payments. My question is, is there anyway that I can turn this around, get some of my equity back out, and invest. I have read up on lease options, but how do I find an investor that not going to try and rip my head off in the process. How do I deal with my mortgage company in the process? Any advice will be greatly appreciated. :-?
Sounds like you are on the right track. How much equity do you have in the house, maybe you could just sell it to retail buyer. If it is a regular sale, you would not need to deal with your mortgage company, your buyer will get a loan or pay cash, and if it is over what you owe to the bank, you will get the difference, but again this is assuming you have enough equity there.
I have close to $30,000 in equity. But I don't think that I have enough time for a retail sale. I would rather take less in equity, and save my credit. I am interested in learning more about lease option, and sandwich leases. Can you recommend any?
I have read many of the forums avaiable this evening. There are many real estate programs that teach you how to purchase real estate with no money down. Most of these don't give you enough information to make a complete transaction. After reading through the many questions, and the knowledge that you share, I'm missing something very valuable. Has this knowledge been acquired through trial and error, or is there actually a legit program that walks you through all aspects of real estate transactions (legally).
Barnett,
If you were to get caught up, could you afford the monthly payments? If so, you should be able to work out a forebarance agreement with the lender. If not, then your best bet is to sell and find more affordable housing.
***ADVERTISING***[ Edited by JohnLocke on Date 09/20/2004 ]
If you have not heard from the mortgage company yet concerning being late with the payments then I would expect you have a few months before any foreclosure could complete. The process is very specific and you should try to check how long it takes in your state.
The reason for saying this is I am not convinced that you could not sell the home normally. If it is priced correctly so that there is an offer quickly, the normal time to close should be between 30 and 45 days.
As you might be under a lot of pressure you should always be considering other options at the exact same time. The rest of this thread has some other ideas or comments that will help.
If you can afford it, some legal advice at this point will clarify you options.
John
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