OfflineHi,
I've only had my books about 3 weeks and for various reasons, I have not finished the first one yet... But I have read enough in the book and on these blogs to know that you can be creative in doing deals. Well, I'm not there quite yet, but I am in a situation where I really need to do something fast. I am in a condo that I was trying to get loan modification on and it has been about 4 months... and last word from them was that it was in underwriting. Well, lo and behold, I got a letter from another lender who bought my mortgage and they are asking for all back payments that I have missed. (I got really sick and had to retire early in July since I was not able to work full time... more on that another time). I called the new lender and explained that I had already sent in all information for the modification. They said i would have to start over, so I am going to do that. I am only drawing SS so my income is fixed. Now here is the kicker. I don't want to live here any longer. The regime fee is high and I don't have good neighbors. I've been here 2 years and when I bought it, I paid the FMV which was $89,900 at the time. It is 2BR/2BA. Now the 3BR/2BA condos here are being sold for $74-79K. So anyway you look at it, I would have to take a loss. I would like to keep the condo, but move out and rent it out. I don't know how to go about this since the new loan company is now going to help me with a loan modification. I want to know if I can or if it is legal for me to get a loan modification and then rent it out.... or should I just cut my losses and walk? My credit is already shot because of late payments (actually no payments lately)so whatever I do will have to be no money down (if I find some other place to live). I really need to do something asap. Any suggestions or advice would be greatly appreciated. Thank you all so much!!! Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Shirley,
Loan modification programs have had bad name from the beginning and many times they aren't able to help you for various reasons. i have read article after article from the Wall Street Journal that conferm this. Waiting to hear if you get the loan modification will only put you further behind. If you turned your condo into a rental that would lower your chances, if that's possible, of getting a loan modification. Speaking pragmatically, sounds like your best bet for the immediate future is to let the property go and rent while you build your credit.
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Thank you.. I have already come to that conclusion myself. I am going to look at a town house rental today. I am so excited to get started in real estate. Just getting out from under this will take some stress off me and I can get busy.
Thanks again,
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Shirley,
How much do you owe on it?
If I were you, I would try to rent it out for a profit (depends what your payments are and the rental rates are in your area). This will give you some cash flow AND take stress off your shoulders. In the mean time you should use your stress as a fuel to move even faster! Start building a buyers list and looking for a realtor. Try to start off wholesaling since you have no cash and poor credit.
Remember, baby steps and everything will snowball eventually! Don't overwhelm yourself with fear either, just get out there!
Dominic
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