OfflineWhat creative solutions has anyone used for those individuals who are upside down in their housing situation?
- Tommy
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"" Upside Down ""
Posted on: Sun, 05/17/2009 - 20:40
What creative solutions has anyone used for those individuals who are upside down in their housing situation?
- Tommy
Short sale is about the only option for someone upside down and isn't willing/able to take a hit to pay off the balance upon sale.
You can do all sorts of creative things from there - like lease option it back and such - but to do something with it you will need to get a short sale or wait until foreclosure.
Thank you. I was curious how people were working with these strategies as I see bandit signs everywhere stating that they will buy the house even if it's upside down, and it confused me how they would be able to work with that or why they would want to pay a $500k note for a house that is only worth $200 now.
What can be done with the people who tell me that they are just "willing to walk away" ??
Thanks in advance.
Tommy