Due to unavoidable circumstances, I have been away from the DG site for a long while. I haven’t been working at investing but I really want to get back to it. I just found out that a friend/coworker of mine is in trouble with her house, and I knew this site was the best place to come for real estate advice. I hope I can find help for my friend.
The house is on the NW side of Houston, near W. Little York and Hwy 6. It’s 2 story, 3bedrooms, 2 ½ baths, open concept, laundry room, 2 car garage, fenced back yard. They bought the house in 2005 (new construction) for 112K. Then the bottom fell out of the real estate market. Two thirds of their subdivision went into foreclosure and many were re-sold at much lower prices.
They have tried to refinance to get their payments lowered, but the banks wouldn’t do that because the house is now worth much less than what they owe. They also have tried putting it on the market, but had no luck, for the same reason.
They are NOT yet behind on their payments, but every month is a struggle. They don’t know how much longer they can hang on. They have discussed just walking away from it. I’m hoping there is a better solution out there for them
They owe over 108K. HOA fees are $310 a year, plus $95 a month. HOA takes care of exterior paint and siding. Every 15 years the HOA is suppose to replace the roof.
Would a short sale work for this couple? Or is there another, better option for them?
And, if they could get out from under this situation, they would be looking for another home. Something farther out of Houston – maybe the Tomball-Rosehill-Hockley area – something with a little land, she said. So, I’m thinking they might also be good candidates for a lease purchase option, if anyone has anything suitable in this area.
I’m not set up to help to them right now, so I hope someone here might be interested in solving their problem. Or, if you just have any helpful advice, please chime in. I will be happy to put you in contact.
Thanks in advance for any help.
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Those who kill time murder opportunity.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
"To get up each morning with the Resolve To Be Happy is to set our own conditions to the events of the day. To do this is to condition circumstances instead of being conditioned by them." Ralph Waldo Emerson
Due to unavoidable circumstances, I have been away from the DG site for a long while. I haven’t been working at investing but I really want to get back to it. I just found out that a friend/coworker of mine is in trouble with her house, and I knew this site was the best place to come for real estate advice. I hope I can find help for my friend.
The house is on the NW side of Houston, near W. Little York and Hwy 6. It’s 2 story, 3bedrooms, 2 ½ baths, open concept, laundry room, 2 car garage, fenced back yard. They bought the house in 2005 (new construction) for 112K. Then the bottom fell out of the real estate market. Two thirds of their subdivision went into foreclosure and many were re-sold at much lower prices.
They have tried to refinance to get their payments lowered, but the banks wouldn’t do that because the house is now worth much less than what they owe. They also have tried putting it on the market, but had no luck, for the same reason.
They are NOT yet behind on their payments, but every month is a struggle. They don’t know how much longer they can hang on. They have discussed just walking away from it. I’m hoping there is a better solution out there for them
They owe over 108K. HOA fees are $310 a year, plus $95 a month. HOA takes care of exterior paint and siding. Every 15 years the HOA is suppose to replace the roof.
Would a short sale work for this couple? Or is there another, better option for them?
And, if they could get out from under this situation, they would be looking for another home. Something farther out of Houston – maybe the Tomball-Rosehill-Hockley area – something with a little land, she said. So, I’m thinking they might also be good candidates for a lease purchase option, if anyone has anything suitable in this area.
I’m not set up to help to them right now, so I hope someone here might be interested in solving their problem. Or, if you just have any helpful advice, please chime in. I will be happy to put you in contact.
Thanks in advance for any help.
Those who kill time murder opportunity.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
"To get up each morning with the Resolve To Be Happy is to set our own conditions to the events of the day. To do this is to condition circumstances instead of being conditioned by them." Ralph Waldo Emerson