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Answers (1)
- Zully Tower, "Zully Tower"
- Contributions:12
Hi aartt,
You are definitely in a tough situation. Not sure if you're lender would be willing to modify your loans, but unforetunately it is doubtful. If you really want "the best way out" you may need to consider a Short Payoff for the actual comparable sales in the area. Everyone would have to take the loss and your lender must be willing. It may potentially be easier to get the lender to cooperate if you already have the home listed and are able to obtain offers. However, of course, there are no guarantees.
There are other safe "alternative financing options" you may be able to present to potential buyers-- such as Lease to Purchase Option or an All Inclusive Trust Deed without having to Short Sale (also without the need for stringent renter/landlord relationship). You must maintain the loan, and there are trustee services that can also help coordinate and maintain the file for the life of the option(s) to ensure that all parties are covered and insured. It all depends on what you are able and willing to do, and what a potential buyer is able and willing to afford.
You should try contact your lender directly to find out what options they are willing to offer you-- or contact a Realtor and/or attorney to assist on comminicating with your lender on your behalf.
In any case I certainly recommend that you speak to an attorney and tax specialist regarding your situation.
I hope this information is helpful. Feel free to contact me if I can be of service. Good Luck in your endeavors!
You are definitely in a tough situation. Not sure if you're lender would be willing to modify your loans, but unforetunately it is doubtful. If you really want "the best way out" you may need to consider a Short Payoff for the actual comparable sales in the area. Everyone would have to take the loss and your lender must be willing. It may potentially be easier to get the lender to cooperate if you already have the home listed and are able to obtain offers. However, of course, there are no guarantees.
There are other safe "alternative financing options" you may be able to present to potential buyers-- such as Lease to Purchase Option or an All Inclusive Trust Deed without having to Short Sale (also without the need for stringent renter/landlord relationship). You must maintain the loan, and there are trustee services that can also help coordinate and maintain the file for the life of the option(s) to ensure that all parties are covered and insured. It all depends on what you are able and willing to do, and what a potential buyer is able and willing to afford.
You should try contact your lender directly to find out what options they are willing to offer you-- or contact a Realtor and/or attorney to assist on comminicating with your lender on your behalf.
In any case I certainly recommend that you speak to an attorney and tax specialist regarding your situation.
I hope this information is helpful. Feel free to contact me if I can be of service. Good Luck in your endeavors!
2 loans ..both original purchase money loans..upside down Around 190K.Best way out???
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