Home Selling in Memphis>Question Details

Vee, Home Owner in Memphis, TN

I have 3 investment prop, one renter, and am current w/all, I can't continue to pay those mortgages and also pay my home, i want out legally-

Asked by Vee, Memphis, TN Wed Jun 15, 2011

help plz Can I give the home back to the mortgage company w/o ruining my credit; I do not want the properties and the value have dropped so no more money to fix problems anymore. Can I relenquensh the properties?

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9
Unless you sell the home to another individual, there will be an impact to your credit. Anything less than payment in full will cause a loss to the lender. In turn, that will be reported on your credit report.
0 votes Thank Flag Link Fri Aug 12, 2011
Your best decision is to find an investor that will be willing to take the risk of the properties, or find renters for them so that you can pay your mortgages. A short sale can be arranged with a Realtor, but it does affect your credit. A Realtor could give you an estimate of value, and maybe you have enough equity to sell a couple of them or sell one to perhaps make a profit and allow you to have some extra money. Interest rates are low, and perhaps you could refinance on a lower interest rate. Also, you might could have lowered your assessments and lowered taxes which would have helped with your notes.
I would be willing to give you some advice after viewing the properties in Memphis. Gail Starnes, The Starnes Company 901-795-1660
0 votes Thank Flag Link Thu Jun 16, 2011
See a lawyer. REALTORS® are not qualified to offer legal advice. Don't listen to anyone who offers free advice in this forum, from your family, friends or business associates, or your next door neighbor. You are in too deep. DAVE
0 votes Thank Flag Link Thu Jun 16, 2011
Vee,
The bank isn't interested in the homes, they want the payments. If you turn one back, you will suffer a foreclosure which is very hard on your credit. A short sale will be less damaging in most cases.
What are you doing about getting more tenants? Agents list homes for rent as well as for sale. Taking less rent is always a better option than taking none. If you want to protect your credit, get some new tenants even at a negative cash flow for now.
0 votes Thank Flag Link Wed Jun 15, 2011
I am a short sale specialist in Memphis. I would love to look at these properties and get with you to explain the process. Please contact me at 901-690-1885.

Thanks,

Jason Wallace, SFR
Keller Williams Realty
0 votes Thank Flag Link Wed Jun 15, 2011
You should try to do a short sale. This will keep foreclosure off your credit. In addition, we will negotiate to try to get you off the hook for the deficiency. Feel free to call me to discuss this further.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Wed Jun 15, 2011
Vee,

Your options are few. Your credit will be negatively impacted if you do anything other than pay the mortgages in a timely manner or you assign the mortgage to a third party (known as selling "subject to"). Are you in a negative equity situation on all the homes? Will rents not cover the mortgages?

I'm a real estate broker and investor and might be able to help give you some direction. Contact me direct at info@fastcash4austinhomes.com and we can discuss your specific situation further.
0 votes Thank Flag Link Wed Jun 15, 2011
I buy houses for cash
Michaelhudson21ck@hotmail.com
0 votes Thank Flag Link Wed Jun 15, 2011
Some mortgage companies might be willing to work with you, and others simply won't.

Please send me some information about those properties, because I might be interested in buying them.
0 votes Thank Flag Link Wed Jun 15, 2011
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