FB turned landlord

[IONEGARM]

** THIS IS NOT LEGAL ADVICE **

If they pursue a trustee sale they give up the right to go after you for the difference. So it won’t matter if it is recourse or non-recourse. (check with a lawyer, I am not one, nor should I be listened to)

There are very few judicial foreclosures done in California and for a dinky condo in SD they probably wouldn’t bother (I say probably just so you don’t think it is a definite thing, but ask around about how many judicial foreclosures are done).

Depending on how convinced you are things are going south you could stop paying on everything and save your duckets (it’ll be 4 months minimum if not more of savings) and try again in 2 years OR renegotiate with loss mit on your current house or condo. The more contact you have with your servicer the more choices you will be aware of.

Just throwing out ideas. I’d call your servicer and see what they offer.

Other ideas include short sales or short refis (might be able to get the condo cash flow positive with the right loan).

[patientlywaiting]

Tavo, I’m going to write the end of the script.

(Just joking).

Two years from now, you’ll be back here writing that you lost your job in the recession and that you’re about to lose your investment as well as your North Park house. You’ll want a bailout and you’ll look to deflect your irresponsibily onto the illegals aliens and the terrorists in Iraq.

California will pass Proposition 187#2 and we’ll invade Iran.

Were’re then all screwed.

*

In all seriousness, If I were you, I’d sell the condo now and take my lumps. Prices have a long way to go. Your North Park house may go down to $300k.

[patientlywaiting]

Tavo, I’m going to write the end of the script.

(Just joking).

Two years from now, you’ll be back here writing that you lost your job in the recession and that you’re about to lose your investment as well as your North Park house. You’ll want a bailout and you’ll look to deflect your irresponsibily onto the illegals aliens and the terrorists in Iraq.

California will pass Proposition 187#2 and we’ll invade Iran.

Were’re then all screwed.

*

In all seriousness, If I were you, I’d sell the condo now and take my lumps. Prices have a long way to go. Your North Park house may go down to $300k.

[patientlywaiting]

Tavo, I’m going to write the end of the script.

(Just joking).

Two years from now, you’ll be back here writing that you lost your job in the recession and that you’re about to lose your investment as well as your North Park house. You’ll want a bailout and you’ll look to deflect your irresponsibily onto the illegals aliens and the terrorists in Iraq.

California will pass Proposition 187#2 and we’ll invade Iran.

Were’re then all screwed.

*

In all seriousness, If I were you, I’d sell the condo now and take my lumps. Prices have a long way to go. Your North Park house may go down to $300k.

[patientlywaiting]

Tavo, I’m going to write the end of the script.

(Just joking).

Two years from now, you’ll be back here writing that you lost your job in the recession and that you’re about to lose your investment as well as your North Park house. You’ll want a bailout and you’ll look to deflect your irresponsibily onto the illegals aliens and the terrorists in Iraq.

California will pass Proposition 187#2 and we’ll invade Iran.

Were’re then all screwed.

*

In all seriousness, If I were you, I’d sell the condo now and take my lumps. Prices have a long way to go. Your North Park house may go down to $300k.

[patientlywaiting]

Tavo, I’m going to write the end of the script.

(Just joking).

Two years from now, you’ll be back here writing that you lost your job in the recession and that you’re about to lose your investment as well as your North Park house. You’ll want a bailout and you’ll look to deflect your irresponsibily onto the illegals aliens and the terrorists in Iraq.

California will pass Proposition 187#2 and we’ll invade Iran.

Were’re then all screwed.

*

In all seriousness, If I were you, I’d sell the condo now and take my lumps. Prices have a long way to go. Your North Park house may go down to $300k.

[Sandi Egan]

Maybe it will be possible to negotiate a short sale with the bank(s)? I don’t know if they’d do that before you become delinquent, though.

Just out of curiosity, what do you need good credit for?

[Sandi Egan]

Maybe it will be possible to negotiate a short sale with the bank(s)? I don’t know if they’d do that before you become delinquent, though.

Just out of curiosity, what do you need good credit for?

[Sandi Egan]

Maybe it will be possible to negotiate a short sale with the bank(s)? I don’t know if they’d do that before you become delinquent, though.

Just out of curiosity, what do you need good credit for?

[Sandi Egan]

Maybe it will be possible to negotiate a short sale with the bank(s)? I don’t know if they’d do that before you become delinquent, though.

Just out of curiosity, what do you need good credit for?

[Sandi Egan]

Maybe it will be possible to negotiate a short sale with the bank(s)? I don’t know if they’d do that before you become delinquent, though.

Just out of curiosity, what do you need good credit for?

[lonestar2000]

Tavo,

Perform a little calculation and choose the best option.

Calculate how much you’d lose by selling, versus ‘sticking it out’ for the next several years. Add in the extra pain of being a landlord for the duration, time is money after all and being a landlord can be extremely time consuming.
If, on the other hand, the condo is near the beach, it may be worth keeping to have a place to vacation at (in between tenants).

Assign values to the pros and cons and adjust your calculation accordingly. It should not be too difficult to see which option is best for your situation.

[lonestar2000]

Tavo,

Perform a little calculation and choose the best option.

Calculate how much you’d lose by selling, versus ‘sticking it out’ for the next several years. Add in the extra pain of being a landlord for the duration, time is money after all and being a landlord can be extremely time consuming.
If, on the other hand, the condo is near the beach, it may be worth keeping to have a place to vacation at (in between tenants).

Assign values to the pros and cons and adjust your calculation accordingly. It should not be too difficult to see which option is best for your situation.

[lonestar2000]

Tavo,

Perform a little calculation and choose the best option.

Calculate how much you’d lose by selling, versus ‘sticking it out’ for the next several years. Add in the extra pain of being a landlord for the duration, time is money after all and being a landlord can be extremely time consuming.
If, on the other hand, the condo is near the beach, it may be worth keeping to have a place to vacation at (in between tenants).

Assign values to the pros and cons and adjust your calculation accordingly. It should not be too difficult to see which option is best for your situation.

[lonestar2000]

Tavo,

Perform a little calculation and choose the best option.

Calculate how much you’d lose by selling, versus ‘sticking it out’ for the next several years. Add in the extra pain of being a landlord for the duration, time is money after all and being a landlord can be extremely time consuming.
If, on the other hand, the condo is near the beach, it may be worth keeping to have a place to vacation at (in between tenants).

Assign values to the pros and cons and adjust your calculation accordingly. It should not be too difficult to see which option is best for your situation.

[Author]

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