Eric,

If this was your primary residence I would suggest a short refi, but being that it is an investment property you are going to have a hard time being successful with any of the modification solutions out there. Looks to me that a Short Sale would be the best solution. You definitely need to see an attorney as soon as possible, it is well worth the money. Call or email me and I will give you some numbers.

Erick,

It is a very frustating time for many homeowners!

I just had a successful sale on a preforeclosure that has helped my client out tremendously. I have hired a foreclosure expert in place to guide my home owners through the process and a successful sale.

Feel to contact me anytime! I will provide you with several resources or ideas to assist you for a solution!

Lucinda Tkach
Windermere Central
lucindat@windermere.com

Erick,

My wife and I are actually having success with a Forensic Audit.

Before you consider a short sale, deed in liue or any other option You should consider this.

Before taking any short sale, I always try and help people stay in their home first.

The company I use pays me nothing, no kick backs referral fees of any kind.

Here is a link to the article I wrote here on Trulia regarding the process.

http://www.trulia.com/blog/stew_keene/2009/09/investigation_…

Sincerely,


Stew Keene - Home Smart Real Estate
Master of Real Estate Society
480-220-7491 http://www.foreclosures.az

What kind of financial shape are you in on your primary residence?

Would you be able to rent that home for more than your payment, or at least less of a gap to cover, move into your 2nd house and make that payment?

Since you've got a construction/short term loan on the investment home, I'm guessing you're dealing with a smaller or local lender - could you approach them with the entire picture and ask them to convert the loan into a fully amortized loan that would allow you to have a payment that could be made - vs them getting the house back?

Short selling/deed in lieu/foreclosure on a non-primary residence could mean that when/if the lender 1099s you for the deficiency balance, you could be liable to pay income taxes on that amount.

MIght it be less expensive in the long run to do a deed in lieu with the lender and see if they would be willing to convert the deficiency to an unsecured loan or attach that balance as a secured second mortgage to your primary residence?

You should find a sharp CPA to determine which would be the best options for you.
Seeking the assistance of an attorney would be advisable as well.

Realty Executives brokers and agents do not
give legal, financial or tax advise. Please consult
these professionals before, during and after
buying or selling any property.

Step 1: Spend a little money and consult an attorney. Find one who specializes in real estate. If you want a couple name and numbers go to my website below and email me a request and I will email you their contact information. You would be surprised how small their fee is for their professional opinion.

Step 2: If you have a financial advisor or tax professional that you already deal with please contact these professionals too for advice.

I hope this helps!

** SHORT SALE HELP AZ **
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