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Answers (10)
- Showcase Twins
- Contributions:69
Talk to your accountant to see if refinancing is in your best interest. If your home is ideal for your retirement then keep it. Your principles may lead you well and long into your twilight years and CA is a wonderful place to live them out. If you want to have it occupied, consider a lease with an option to purchase, Potential buyers will likely maintain a home they plan on owning better then tenants that are in a standard rental contract. In fact terms regarding repairs can be specified as to who pays for what at what price point.
- Kelly Greene, "Kelly Greene"
- Contributions:37
Hi P G pjginc,
My first suggestion would be to talk to your Lender/Lenders to see if your Loan qualifies to be Restructured/Refinanced. If not and you are considering the possibility of a Short Sale, I can provide a NO COST Comparative Market Analysis and we can further discuss options that maybe available to you.
My first suggestion would be to talk to your Lender/Lenders to see if your Loan qualifies to be Restructured/Refinanced. If not and you are considering the possibility of a Short Sale, I can provide a NO COST Comparative Market Analysis and we can further discuss options that maybe available to you.
- Kari Maddox, "kcookmsi"
- Contributions:6
Jose,
That was rather rude and unprofessional, how embarrassing to those of us on here who prefer to conduct business in a mature appropriate manner! Shame on you. All advice is always welcome and any advice is appreciated. So in short, Thank you Tammy for being proactive!
That was rather rude and unprofessional, how embarrassing to those of us on here who prefer to conduct business in a mature appropriate manner! Shame on you. All advice is always welcome and any advice is appreciated. So in short, Thank you Tammy for being proactive!
- Scott Reiber
- Contributions:151
If you have to move or cant make the payments Short Sale it and buy a new house in two years. You won't see $420,000 for a long time. Sorry about the short answer I'm direct.
- Brian Shah, "bsha100"
- Contributions:64
I would listen to Andrew. There isn't a loan program out there that you will qualify for. Sit tight, and hope that the values go up. In the meantime I would try to have the tax value reassesed to reduce your monthly costs on the property.
- George Masmanides, "Masmanides"
- Contributions:5
The new limit is 125% which will help a little more.
- Kristopher Morgan, "Kris Morgan"
- Contributions:24
If you recently came into a financial hardship then you can work with your lender for a modification. If you can afford it there is nothing you can do. Simply being upside down is not enough of a reason for a modification. Home Affordable loans finance up to 105% LTV so if you have the means to pay it down that much go that route. There is no PMI on those either as long as it is currently owned by Fannie Mae and doesn't currently have PMI.
- Andrew Walter, "RealEstateByAndrew"
- Contributions:17
This is the same question that millions of Americans are asking right now. Basically, the current value is too far below what you currently owe to qualify for any refinance right now. So, is it better to hold on to it and wait for prices to increase, or sell it with a short sale? Since this is an investment property, the big question shouldn't be about the current value, but about the cash flow. Does the rent cover your costs after deductions? If not, is the negative cash flow a burden? If you are able to cover your costs or comfortably make up the difference, then it is doing what it is supposed to as an investment. As with all equity investments, you need to hold them for at least 10-20 years to reap the maximum benefit. If the cost of carrying the house has become a burden, then sell it at current market value subject to the lender approving a short sale.
- jose38
- Contributions:7
[content removed by moderator for being a personal insult]
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Is this your 2nd home or an investment property at the present time?
I have property in CA and I owe $250K but the value is now $180K and I paid $420K. What can I do?
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