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What would be the best option for a FL property worth 33K and having a 175K loan?

I bought this property several years ago, but I still feel I had a frauduelent appraisal. I have managed to hang on to this property for several years to keep my credit, but I need to do something soon. What is the best solution? Short sell? Is there anything better I can do because of the price difference and possible fraud?
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June 21 2012 - Kissimmee
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I agree to get legal and tax advice. It is such a shame that everything is about money these days, what about ingertity, committment , signing a note and a financial obligation? Everyone wants to set the resent button. Too bad the implications on a short sale, bankruptcy or Deed in leiu is just in its infancy, can anyone say with certainty what a bank or the collections agencies would do 10 yrs from now? When you have a new home, little debt and maybe some assets. Pay now or pay later. What about the emotional toll I have seen on clients after they do it. That is devastating to some, even with the slate wiped clean. They are always worried they will " find them" come after them " I know of an instance where a client had to go back 3 times to get a bankruptcy. A bankruptcy shouldnot be thrown around like it is no big deal. It is ,not just the ding on your score. The ding on your soul. For many they never get over it. Everything they have to disclose it and explain it when they apply for anything. They relive the entire situation. . I fully expect items like job applications to soon ask about a short slale and a bankruptcy. . For some employers it will show the character of their future employee. What if you have a business opportunity, or a partnership or a job as a leader in your field? What does that say to a future boss? You do not stick to your commitments, money is your driving force and you quit when it is convenient. I am not a firm believer of a short sale in circumstances where there is still income coming in to pay it. There is no mention of assets. How mnay times sellers have a lot of assets and a great income and they want to short sale. Of course they will "approve" you, they know you have funds to come after later on. No not the banks, the collection agencies that have nothing better to do than " dial for dollars " PLEASE think it over and get advice, legal, tax and moral.. We have yet to see the long term ramifications. Pay now or pay letter.
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June 25 2012
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If you feel the appraisal is fraudulent, you may be able to do something, but I would not count on it netting you more than it costs to fight. Instead I would get legal advice about either doing a short sale, cash for keys or perhaps a deed in lieu. 100,000 underwater is a lot to keep paying on.

May sound bad, but if you can short sale and rehabilitate your credit, you could buy again in as little as 3 years if you have a down payment.

Even declaring bankruptcy with the 7 years credit ding would still be like putting 15K a year in your pocket with interest. Don;t hang in with your fingernails hoping for the best. Get legal advice now, get your options and make the best decision you can.
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June 24 2012
It is unfortunate that you are upside down. Believe it or not we had a time in history that homes were 30-40% under their purchase prices in the 90's . Then on top of it interest rates where 12%!!! . Everyone wants someone to blame. Blame the appraiser, blame the agent, the title co. The fact is the properties where closing out 2-4-% higher each day. The low inventory fueled the prices upward. The comps and data must be there to prove the value. I had many listings that the buyers had non appraisal contingencies in the contract. Some buyers paid up to $20,000 over list and apprasial to buy a home. That was the norm years ago. The data was there. Now we are seeing the swing in reverse. The bank owned and short sales are trashing a market that is already on life support. I think this is purposely being done so seller's feel they can never get out from under, and then more sellers short sell. We have to stop this madness. If you have a job, and can pay your bills, then wait. Do not ruin your credit. Eventually the market will come back. I have seen condos here in Longwood Fl go from 236,000 to 50,000 and now heading back towards 90,000 .Hold tight and stay the course. Do not worry what is going on around you.If you pay your bills than hang on? Are there other bills you can get rid of?. Maybe go over your budget and see where you can make cuts so you can hang on to the home? Remember it is only worth 33,000 once it sells. Right now it is a roof over your head, and you must have picked the location for a reason and the area works for you. If you cut out other bills you will feel like your overall bills monthly is lower, that helps ease the pain of the higher mtg. Try to hang in there, as having a big credit issue can haunt you for years to come. Not to mention there is NO guarantee you will be totally obsolved of the 150,000 or so shortage. Past sellers are already getting collection calls, even though they were told they are free of the deficiency of the balance
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June 24 2012
I didn't see anyone local already post here so I thought I would try to help if possible. A Short sale might be your best option at this point. But that is obviously a big decision and it should be made after gathering all the facts and information you can. What are you referring to when you mention possible fraud?

I'd be glad to help you out if you'd like to get in touch. Click my picture for my details and give me a call anytime.

Nathan Tutas
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June 21 2012
I would start with calling your lender to see what options they can give you-The lenders are doing everything they can to try and work with property owners like yourself.I would also call a Realtor and have them give you a formal marketing analysis to verify that the market value is in fact accurate-Make sure that you find a Realtor that has a Short Sale Designation ( CSSF) and ask them how many short sales they have successfully closed over the past year-You want to make sure you work with someone that has a lot of experience and success stories closing short sales.
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June 21 2012
 
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