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Replies (6)
- wetdawgs
- Contributions:26811
Bring money to the table at closing, and you'll be fine.
- Daniel Hamad, "AttorneyHamad"
- Contributions:146
The same way as you always sell a property - you sell it for what you can get, and the numbers have to balance at the end. What this means is, as wetdawgs says, you bring money to closing to pay off the difference.
- Toby & John T. Williams, "tjplace"
- Contributions:271
YOU bring the shortage to the closing table to payoff what you owe.
- John F Kendrick, "JFK Hawaii Homes"
- Contributions:61
Aloha,
How much upside are we talking? How long is the Lease? Is the fee available? Who is the mortgage with? Lots of agent will not want to mess with lease property but there is some options if approached correctly. Answer the top four questions and then I can let you know what I think...JFK
How much upside are we talking? How long is the Lease? Is the fee available? Who is the mortgage with? Lots of agent will not want to mess with lease property but there is some options if approached correctly. Answer the top four questions and then I can let you know what I think...JFK
- skier1000
- Contributions:3
Aloha,
Well I bought the condo for 245k in January 2004, then put upgrades into it by using a 2nd mortgage. So now my total debt is about 300k and my condo is only worth (according to the comparables in the building in which I own) about 240k. I now pay over 2500 a month to sustain this condo, after paying the 1st and 2nd mortgages, maint fee, and recently increased lease rent.
What do you recommend? I can hardly afford to pay the 2500 every month, since my income barely sustains it.
Well I bought the condo for 245k in January 2004, then put upgrades into it by using a 2nd mortgage. So now my total debt is about 300k and my condo is only worth (according to the comparables in the building in which I own) about 240k. I now pay over 2500 a month to sustain this condo, after paying the 1st and 2nd mortgages, maint fee, and recently increased lease rent.
What do you recommend? I can hardly afford to pay the 2500 every month, since my income barely sustains it.
- Raremink
- Contributions:1
promotion deleted by Zillow moderator
How can I sell my upside-down leasehold property without a short sale or foreclosure?
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