Posted on: 12th Aug, 2008 05:26 pm
I have a 4-plex in St Louis that was a bad deal to get into, it's not rented out yet and currently worth about 130k with a balance of 150k. I don't think I can continue to make the payments and have heard that I could:
a. offer a short sale
b. try for a deed in leu
c. re-fi my home to pay down the loan and re-fi it too
d. file bankruptcy (unsecured for St L prop & secured for all my other debt)
I really don't know what to do...any help would be appreciated.
a. offer a short sale
b. try for a deed in leu
c. re-fi my home to pay down the loan and re-fi it too
d. file bankruptcy (unsecured for St L prop & secured for all my other debt)
I really don't know what to do...any help would be appreciated.
hi guest.
welcome to the forum.
if you cannot afford to continue to make the mortgage payments then you should contact the lender asap and inform him the situation. the short sale is the best option to choose and it doesn't affect your credit report much. if you cannot sell the property then you can request the lender for deed in lieu of foreclosure.
btw the bankruptcy should be the last option to choose and if you want to protect the property then you can file chapter13 and pay off the lender with an affordable repayment plan. hope it helps. feel free to ask if you have any further questions.
best of luck,
larry
welcome to the forum.
if you cannot afford to continue to make the mortgage payments then you should contact the lender asap and inform him the situation. the short sale is the best option to choose and it doesn't affect your credit report much. if you cannot sell the property then you can request the lender for deed in lieu of foreclosure.
btw the bankruptcy should be the last option to choose and if you want to protect the property then you can file chapter13 and pay off the lender with an affordable repayment plan. hope it helps. feel free to ask if you have any further questions.
best of luck,
larry
Keep your property...
Have your mortgage re-negotiated by attorneys.
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888-789-3998 ext.301
Have your mortgage re-negotiated by attorneys.
Quick Process
I am a Mortgage Professional, and I do stand by everything I post
Wholesale Financial
Jamila Miller - Mortgage Coordinator
888-789-3998 ext.301