I have two mortgages on two places with sub 7% fixed rates. I am pretty sure I am upside down on both of them. Should I walk from the old house? Thanks for any attention.
-J
Submitted by temeculaguy on July 25, 2008 - 7:03pm.
in order to give a little advice, you need to give a little info. You should also find out if and exactly how much you are upside down. Let's start with some easy questions.
When did you buy?
How much did you put down?
What is your monthly payment and the current rent from the house you aren't living in?
What is the payment of the one you are living in?
Include total payment (principal, taxes, hoa, mello, etc.)
Selling short may be better option or trying the new fha rework thing that is coming soon. Don't just walk away because you are pretty sure, be damn sure.
I would prefer to tell you all the particulars to get more comprehensive advice. . But I am not sure I want to do this so publicly. What is the customary medium?
Submitted by temeculaguy on July 25, 2008 - 7:20pm.
I am not a realtor or a finance guy, I am a layman+, there are plenty of learned folks who will gladly reply. You took the first step, the rest is easy, just dont post the address or street name and you should be fine when it comes to stalkers and serial killers, I've posted plenty of basic information and have yet to attract a stalker despite repeated attempts to get one. None of the particulars I asked will allow anyone to figure out who you are. If it still bothers you do divulge even the most basic info, you can e-mail me at temeculaguyhotmail [dot] com but my advice will just be that, my advice. Throwing it on the boards will give you a chance to gain a consensus and options, filter through the attacks and focus on the advice from the regulars.
Juan
I sent you a private message with a referral to a real estate attorney who can help you evaluate your options. You can email him off the website I sent you.
To get the message, click on "private messages" at the top left navigation bar and check your inbox from there.
OK. I will try to be more specific and still safe.
The house in question was built in 1958. We bought it in 1986 for 96K. We re-financed a number of times and did some improvements. We finally refinanced in 04 to buy our new home.
We have been laboring at trying to keep the old place rented ever since. Currently I am in the middle of a law suit to get the deadbeats out so I can rent it out again. I haven’t any collected rent since April.
We now owe 335K on that home. The note is about 2400 (PITA @ 6.75%) a month and the best we ever got for rent was 1800. We are now two months late on the mortgage because my deadbeats have not paid. I would be surprised if this property could bring 300K on today’s market.
I contacted the lender ASC as soon as I realized that I was unable to pay the note. The phone staff is appreciative and understanding. But the mail I get is increasingly more dire.
I don’t want to provide any information on my newer house because I want to stay here, and pay this mortgage.
If your loan is recourse loan (as it may be due to multiple re-financings), if you walk away, the lender can come after you for any deficiency. If you have other assets, this will be bad for you. If you are thinking of walking away because you are financially unable to pay (rather than unwilling to pay since it is a loss making investment), you should seek the advice of a good bankruptcy attorney (especially the one who also knows some real estate law).
in order to give a little advice, you need to give a little info. You should also find out if and exactly how much you are upside down. Let's start with some easy questions.
When did you buy?
How much did you put down?
What is your monthly payment and the current rent from the house you aren't living in?
What is the payment of the one you are living in?
Include total payment (principal, taxes, hoa, mello, etc.)
Selling short may be better option or trying the new fha rework thing that is coming soon. Don't just walk away because you are pretty sure, be damn sure.
I would prefer to tell you all the particulars to get more comprehensive advice. . But I am not sure I want to do this so publicly. What is the customary medium?
I am not a realtor or a finance guy, I am a layman+, there are plenty of learned folks who will gladly reply. You took the first step, the rest is easy, just dont post the address or street name and you should be fine when it comes to stalkers and serial killers, I've posted plenty of basic information and have yet to attract a stalker despite repeated attempts to get one. None of the particulars I asked will allow anyone to figure out who you are. If it still bothers you do divulge even the most basic info, you can e-mail me at temeculaguy
hotmail [dot] com but my advice will just be that, my advice. Throwing it on the boards will give you a chance to gain a consensus and options, filter through the attacks and focus on the advice from the regulars.
Juan
I sent you a private message with a referral to a real estate attorney who can help you evaluate your options. You can email him off the website I sent you.
To get the message, click on "private messages" at the top left navigation bar and check your inbox from there.
sdr
OK. I will try to be more specific and still safe.
The house in question was built in 1958. We bought it in 1986 for 96K. We re-financed a number of times and did some improvements. We finally refinanced in 04 to buy our new home.
We have been laboring at trying to keep the old place rented ever since. Currently I am in the middle of a law suit to get the deadbeats out so I can rent it out again. I haven’t any collected rent since April.
We now owe 335K on that home. The note is about 2400 (PITA @ 6.75%) a month and the best we ever got for rent was 1800. We are now two months late on the mortgage because my deadbeats have not paid. I would be surprised if this property could bring 300K on today’s market.
I contacted the lender ASC as soon as I realized that I was unable to pay the note. The phone staff is appreciative and understanding. But the mail I get is increasingly more dire.
I don’t want to provide any information on my newer house because I want to stay here, and pay this mortgage.
Juan,
Good to see you sought advice here. Hopefully some more knowledgeable posters will weigh in. The key may be convincing Mrs. Juan :) Good luck!
Juan,
If your loan is recourse loan (as it may be due to multiple re-financings), if you walk away, the lender can come after you for any deficiency. If you have other assets, this will be bad for you. If you are thinking of walking away because you are financially unable to pay (rather than unwilling to pay since it is a loss making investment), you should seek the advice of a good bankruptcy attorney (especially the one who also knows some real estate law).