Posted on: 15th Oct, 2008 09:08 am
Hello, i currently own 2 apartments in a condominuim of 16 apartments. i have 1 rented out and the 2nd i've been paying for 7months. i cant afford the second apartment and was considering giving a friend the apartment so i wouldnt have to forclose.
He doesn't have credit
what r my options?
help help help
ps i cant refi so my interest rate is 9.1% nobody will refi
He doesn't have credit
what r my options?
help help help
ps i cant refi so my interest rate is 9.1% nobody will refi
hi fulguration!
you should try renting the second house as well. if your friend cannot get a home loan, then he can be of no help to you as the lender will come and charge you for the payments. you have also mentioned that you will not be able to refinance it due to high rates. you may even ask the lender for a loan modification. see if that suites you. if not, then try renting the house. if that is not possible, then i think a short sale or a deed in lieu will be a better option.
thanks.
you should try renting the second house as well. if your friend cannot get a home loan, then he can be of no help to you as the lender will come and charge you for the payments. you have also mentioned that you will not be able to refinance it due to high rates. you may even ask the lender for a loan modification. see if that suites you. if not, then try renting the house. if that is not possible, then i think a short sale or a deed in lieu will be a better option.
thanks.