Posted on: 09th Jan, 2010 07:51 am
In July 2005 I purchased an investment home. I have a renter in the home covering approx. 1/2 of the Mortgage payment. I am approx.$ 80.000 upsidedown in Value.
I am planning a retirement next year with a move to a new primary residence in FL.
I do not see that I will be able to support the mortgage for the investment property after retirement.
I would like to find out about any options I have regarding the property. I do not have $80,000 to sell the home and just continue to pay the mortgage and suffer the loss but this will become impossible when I retire.
My renter is always late and is 3 months behind so I am even further in the hole.
Is forclorsure an option after I settle into my new home in FL or will my personal assetts be exposed by that action ,including the new home.
I will be on a fixed income at that point.
I am planning a retirement next year with a move to a new primary residence in FL.
I do not see that I will be able to support the mortgage for the investment property after retirement.
I would like to find out about any options I have regarding the property. I do not have $80,000 to sell the home and just continue to pay the mortgage and suffer the loss but this will become impossible when I retire.
My renter is always late and is 3 months behind so I am even further in the hole.
Is forclorsure an option after I settle into my new home in FL or will my personal assetts be exposed by that action ,including the new home.
I will be on a fixed income at that point.
you can try for reverse mortgage . you will be entitled for it once you are 62 years old. money you receive can be used to make the payment.
note that in that case you need to make it your primary residence
note that in that case you need to make it your primary residence
I do not want to make it a Primary Residence. It was always and continues to be an Investment property. My New home in FL. will be my primary residence.
Rather than going for a foreclosure, I would suggest you to check out the option of deed in lieu of foreclosure. If the lender accepts it, then you will not have to pay the deficient amount resulting from the sale of the property. However, your credit score would be lowered by 250 points.
Thanks, Are there conditions under which this (Deed in Lieu) is usually accepted ? Once i am settled in FL. I will not worry at my age about 250 pts on Credit rating.
Hi Jimmy!
Welcome to forums!
Whether or not the lender will accept your deed in lieu of foreclosure will depend upon your financial situation. If you are unable to pay off the loan and if you're presently delinquent on your mortgage dues, there are high chances that you would qualify for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Whether or not the lender will accept your deed in lieu of foreclosure will depend upon your financial situation. If you are unable to pay off the loan and if you're presently delinquent on your mortgage dues, there are high chances that you would qualify for a loan.
Feel free to ask if you've further queries.
Sussane