Foreclosure in Orlando>Question Details

victor212, Home Owner in Orlando, FL

Mom's condo should I attempt short sale? or rent out and lose $$? or walk away?

Asked by victor212, Orlando, FL Thu Jan 17, 2013

Mom’s 1BR/1BA condo in Hunter's Creek. She paid 147K during the frenzy. Put down 40K, borrowed 107K. Mortgage balance around 100K now. She never missed a mortgage/HOA/condo maint payment to date. Mom credit is 800 ...Only Mom is on the loan paperwork. We are both on the title, Life Estate title, shes the owner, and I'm the remainder-man?? Mom has stage 1 dimentia, and required to be moved into an assisted living, which absorbs 95% of her income. The condo must be rented or eliminated. leaving $300 leftover. Based on website comps, the Option 1-condo could short sale for 75K minus closing fees end up with 67K. Will Citibank accept a 33K hit? option 2- rent condo out for 750-800/month, but it costs 1000/month to operate with HOA and maint fees..so lose 200/month. Option 3-stop mortgage payments, keep paying HOA, property taxes, maint Fees, collect 800 rent until foreclosure in 2014. This will destroy mom credit, but with Medicaid or self-pay in her future should I care? thx Victor

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Alan Martin’s answer
Hi Victor

My office specialises in short sales. We have a dedicated short sale facilitator on staff. The service is 100% free to you and we do not charge you or the buyer a fee.

Please feel free to review my background and achievements and send me an email so we can explore your option and take it from there.

Please let me know if I can help you further
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0 votes Thank Flag Link Sun Jan 20, 2013
Before you make the decision towards short sale I would attempt to achieve a modification from the lender. You may be able to avoid making mortgage payments, or at least have them reduced for a period of time (most mods take several months to years) and rent the property out all the while.

Also, I would suggest having a REALTOR run a comparative market analysis immediately in order to get a true understanding of the value of the property.
4 votes Thank Flag Link Thu Mar 28, 2013
What's the name of the condo development in Hunters Creek? As far as what to do, it's a simple decision to me. Do the short sale while the debt forgiveness act is still available. What ever income you take should be properly reported. Seek competent accounting and or legal advise with regards to the income. You can rest assure the bank will be notifying any and all parties if its rented with regards to the income and loss.
Feel free to contact me any time.
mj
http://www.orlandomike.com
0 votes Thank Flag Link Wed Apr 17, 2013
Hi Victor

If you hold the condo and wait to sell it will be as though you bought the condo at the bottom of the market so will make money every day you wait.
The market is exploding in the stronger markets. If the action has not arrived to the area the condo is in it will very soon.
When you decide to sell you will find Trulia as a good source for finding real estate agents and loan officers.

Best of Luck, Stephen
Your-Road-Home.com
0 votes Thank Flag Link Thu Mar 28, 2013
You can get an Attorney but is not come cheap and many times you cannot even get status from them because of they are too busy making money or extending short sale to the max so that they can continue to collect monthly fees.

There are many Realtors that do now how to "facilitate" a short sale free of charge. The goal of any short sale is getting an approval letter stating tha bank forgives the deficiency and that they will not seek any further action.

I have myselft and Attorney but have learned so much about processing a short sale that i hardly consult him anymore.
0 votes Thank Flag Link Sat Jan 19, 2013
First of all, sorry for your misfortune. My father's path was like your Mom's. It's difficult, just remember the good times. Concerning the property. I'm a Certified Distressed Property Expert. I know about short sales. With that said, I suggest you contact a Realtor, get it listed and short sale it. Make sure you use a Realtor who has an attorney handling his/her short sales. There are liability issues for all involved. Protect yourself, don't trust what a Realtor may tell you about the process. Get an attorney.
0 votes Thank Flag Link Sat Jan 19, 2013
Short sale - speak with several agents who have proven experience closing short sale in your area.
0 votes Thank Flag Link Fri Jan 18, 2013
Victor your mom qualifies for a short sale. She has a legit hardship. I can assist you with answering all your questions. I am trained and certified with all the alternatives to foreclosure. I am extremely familiar with the Hunter's Creek area as well. Send me an email and we can get all your questions answered. RealtyCityinc@gmail.com

Jesse Carriedo
Broker
CDPE-Certified Distressed Property Expert
RealtyCityinc@gmail.com
0 votes Thank Flag Link Fri Jan 18, 2013
Hi Victor:

Our office specializes in short sale and we have a dedicated short sale negotiator on staff. The service is 100% free to you and we do not charge you or the buyer a negotiation fee.

Please feel free to reveiew my background and achivements and send me an email so we can explore your option and take it from there.

Thanks and I look forward to hearing from you.

Abraham Bidhendi - Top Producer Realtor® with over 25 years of experience
Awarded as Exit's TOP Buyer side Transactions in the State of Florida
We have had 165 successful transactions during the past year alone.
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Email: REOsofflorida@msn.com Or abidhendi@ORLANDOPROPERTIESONLINE.COM
Website: http://reosofflorida.mfr.mlxchange.com/ Or http://abidhendi.orlandopropertiesonline.com
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
0 votes Thank Flag Link Fri Jan 18, 2013
Hi Victor,
Thanks for turning to Trulia for all of your real estate questions.

Your Mom can and should short sale her Hunter's Creek condo...and don't worry about it selling, that is a highly sought after area and will be gone in, well hours if not minutes!

I have investors and first time buyer clients looking in that area, and I would love to help you out.

You have alot of us to choose from but I would suggest that you choose one and have us get started on this, post haste. If you choose me, that would be great....if not then good luck and keep us posted.
My Mom is 89 this year and was in a simular situation, and I also was in a life estate with her, so I know your concern.

Feel free to contact me at your own convenience.

Carol Bauza
Charles Rutenberg Realty
carol@carolshome.com
0 votes Thank Flag Link Fri Jan 18, 2013
Hello Victor!

I have investors that could possibly purchase your property.

Call or email me when you get a chance.

Javier Rodríguez
HouseStar Realty
Real Estate Broker, REALTOR ®
Lic: BK703443
Short Sale Foreclosure Resource Certified – SFR
REO Five Star Institute Certified

: 407.429.5243 | Cell: 407.301.3401 | eFax: 407.830.5633
: jrodriguez@housestarrealty.com
: Office: 1033 Semoran Blvd Suite 245 | Casselberry, FL | 32707 USA
"There are no perfect men, only perfect intentions"

Websites
http://www.comprecasaenorlando.com
http://www.facebook.com/bienesraicesenorlando
0 votes Thank Flag Link Fri Jan 18, 2013
As you have so clearly pointed out, there are bigger issues in you mother's life than maintaining a unessential property. The three options you have pointed out are real consideration. However, the details of this scenario should most assuredly be processed with an attorney and an accountant. They will be able to pay greater attention to the legal system and finer details that each of these options may include.

Your mother definitely has a legitimate hardship that should qualify her for a short sale. The numbers acceptable to the lender will be determined by the current level of market activity.

Best wishes,

Bill
0 votes Thank Flag Link Fri Jan 18, 2013
Victor212,


Your question is way to personal and specific to chat about on here. Just give me a call and we can see what the best alternative is to meet your family's financial goals.

Highest and best regards,

Vincent Warren Paige, Jr.
REALTOR® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
E-mail: vpaige1@yahoo.com
0 votes Thank Flag Link Fri Jan 18, 2013
Victor,
You need very specific assistance with this, to specific to rely on any answers here. Find two or three local agents with great track records of selling homes, including short sales and discuss this with them. It would also be worthwhile to take a few minutes with your mom's attorney. They can advise you regarding her estate and any concerns a short sale or foreclosure could have.
If you need a referral, feel free to contact me. I may know a couple of great agents for you.
Dan
0 votes Thank Flag Link Thu Jan 17, 2013
Victor,

I can appreciate your concern. I am dealing with a similar situation with my own elderly mother now. Please feel free to contact me directly carlrealtycenter@aol.com, and I can share with you what I know about real property, Medicaid/Medicare, etc.

Regards,

Carl Head
Realty Center-Orlando
0 votes Thank Flag Link Thu Jan 17, 2013
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