Posted on: 09th Feb, 2010 10:23 am
I bought an upscale house on a private commercial note from my bank. I never actually paid any money up front. I only pay interest on the note now but it is substantial (400K). My business went belly up. Blame lousy market timing. I have a new employed job, but moved out of town. The house is empty (6 months) and killing me every month, even though I am making it barely. Kids college fund and my retirement are gone. The home value has declined and upscale homes aren't selling in this medium sized city. I can't afford the real estate fees to sell, let alone afford the 50K I'll lose in the current market. Do I just let the market continue to squeeze me dry until I can't pay anymore (maybe 12 months more) or do I cut my losses and let it go to foreclosure? Do I tell my bank ?...or are they happy getting interest every month knowing the market will rebound about the time I am out of gas... a win-win for them!
Do what the Donald would do. Keep what you have. Let the American taxpayer and your bank pay for your mistake...even if your credit rating suffers. Let it go back to the bank now. Call them and tell them you want a deed-in-lieu (DIL) of foreclosure settlement or ask their real estate company (trust me they have one or know one) to sell it for you (and them). You are Obama's dream...remember to use your $250 stimulus check to restart that business when teh economy turns around. LOL
didn't all this nonsense start BEFORE we elected a new president in 2008? wasn't this all inherited? do you think that dunderhead up in alaska would have a clue about what to do? BETCHA NOT! do you even want to pretend that junior bush would have cared to try to get us out of it as long as his pockets were being filled? and then you want to go "trump" us with this move? please.
it's a whole mess, and i don't think there's a sitting president or a former president or any of those longing to be president in the future (a THANKLESS job) who would have any perfect answers.
it's a whole mess, and i don't think there's a sitting president or a former president or any of those longing to be president in the future (a THANKLESS job) who would have any perfect answers.
Politics on this forum? My take is blame Fannie Mae for subprime mortgages. The government should not be in the mortgage lending business.
To answer the post. I would try and rent the property or do a short sale.
To answer the post. I would try and rent the property or do a short sale.
