Posted on: 05th Jan, 2008 12:38 pm
is there any way an investor can avoid foreclosure if you have a first mortgage of $60k, a second of $10k, and an appraised value of $78k in a weak market and unable to qualify a good renter?
There are two real good ways, continue to make the payments or sell... with 6% agent fees and $1k in seller closing costs there should be enough equity to sell and not have to bring money to the table.
It does look like there is enough equity to break even when you sell this investment property. I would still be on the look out for a good renter, you never know when one might turn up.
Given your reference to foreclosure, I must assume that you aren't able to keep up with the payments (or find a renter that will allow for a positive cash flow).
Your only options are to sell it and try to breakeven or lease option it to a renter cum buyer to get from under it.
Good luck!
Regards,
Scott Miller
Your only options are to sell it and try to breakeven or lease option it to a renter cum buyer to get from under it.
Good luck!
Regards,
Scott Miller