Posted on: 24th Jun, 2011 04:36 am
Rental home currently value is approx a third of the mortgage.There are currently five foreclosed homes, two beside and four doors below and two on the opposite side of the streets.
The scavengers have cleaned out the home of the copper wires, copper plumbing, air conditioners, fridge and stoves and also the kitchen cabinets.
Now I am afraid that when this current tenant moves out the possiblity is very high that my property will end up in the same manner.
I would not choose to replace all the above at the cost to have the same thing happen so I am faced with letting it go to foreclosure or a deed in lieu.
What would be best to do foreclosure or deed in lieu.
I am also thinking if the lender would settle for half the amount of the mortgage as paid in full.
The neighborhood is declining with homes with defered maintenance.
The scavengers have cleaned out the home of the copper wires, copper plumbing, air conditioners, fridge and stoves and also the kitchen cabinets.
Now I am afraid that when this current tenant moves out the possiblity is very high that my property will end up in the same manner.
I would not choose to replace all the above at the cost to have the same thing happen so I am faced with letting it go to foreclosure or a deed in lieu.
What would be best to do foreclosure or deed in lieu.
I am also thinking if the lender would settle for half the amount of the mortgage as paid in full.
The neighborhood is declining with homes with defered maintenance.
I would contact your lender and explain the blight your neighborhood is facing. Without them working to modify your terms, your home will be next inline of 6 homes that are ransacked and destroyed by thieves. Have them send an appraiser to look at the surrounding homes. If they dont work with you, complete the HAFA deed in lieu packet from the making home affordable. Deed in lieu is much better than foreclosure, for your credit and the ability to purchase later. Contact the bank and start from there. Are there any other tenants that would consider moving in? What city and state is the property?