Home Selling in Jacksonville>Question Details

Stephanie Ga…, Home Buyer in Florida

I own a condo that I bought just prior to the real estate crash in Sail Cove which is almost walking distance to Town Center. This neighborhood was-

Asked by Stephanie Gacki, Florida Mon Sep 26, 2011

hit very hard with foreclosures. I am having a hard time understanding why I still see condos (new and conversions) selling for much higher than what my neighborhood is selling for. I paid $172,000, and I owe $105,000. Is there any hope for me to sell this place wiithout short sale??? I bought a house with my husband and I now rent my condo out but I still have to pay out of pocket every month to cover the mortgage. Is there any hope in sight???

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Stephanie,

If your loan is with Bank of America, you may qualify for their enhanced relocation assistance pilot program being tested for Florida homeowners who are upside down and qualify for a short sale. The pilot program only runs thru November 30th so you may want to call them at 877-459-2852. FHA, Ginnie Mae, USDA and VA loans are not eligible. We just received information on this from BOA and have been advised to get the word out.
Let us know if we can assist further,
Phyllis Staines
RE/MAX Coastal Real Estate
Web Reference: http://jacksonville365.com
0 votes Thank Flag Link Thu Oct 27, 2011
A short sale would be needed based on comp's in that community.

Rents have risen because of supply and demand. You might want to make sure you are getting the best price. This might eliminate your negative cash flow into the property.
0 votes Thank Flag Link Thu Oct 27, 2011
You have one of the larger square footage 2 bedroom units in sail Cove. There is another 2 bedroom floorplan about 100 SF larger than your unit.

Unfortunately, the units are selling between 55,000 & 65,000. If you qualify for a hardship, it may be possible to sell the unit as a short sale. I hate to tell you it would be very difficult to expect to sell the unit for $105,000 plus closing cost.

Contact your mortgage company and ask if you can modify your loan. This may reduce your payment to where it is more in line with the rent you receive.

If you have questions, I certainly will be glad to discuss options with you.
0 votes Thank Flag Link Tue Sep 27, 2011
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