Home Selling in 90815>Question Details

Zzyzx10611, Home Owner in 90815

I own a property that I've been renting out for 5 years. It's worth more now when I bought it, but still upside down. What options do I?

Asked by Zzyzx10611, 90815 Fri Jul 20, 2012

have? LOE coming up for reneway/payoff next year, so would like to be done with it by then. Losing money every month on the rental - wondering about short sale (tax implications, credit implications) or other possible options

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Answers

7
Hello Zzyzx10611,
Interesting name...;-)
Here are your options.
1. Foreclosure - basically you stop payment, bank will issue a Notice of Default. If you can't
cure default, they sell the house in auction @4 months after NOD.
2. refinance, credit should be good, I assume you own a house so you have
to qualify after lender consider all your obligations.
3. Short sale since banks still will forgive what you owe after transaction.
4. Deed in Lieu, call the bank and basically tell them you're returning the house.
I believe this is worse than short sale cause they will dig deeper than short sale
regarding your finances. If they agree, you have to get it in writing that whatever price
they sold it for the balance is forgiven and you're free and clear of your obligations.
If you ahve a second trustee, they have to agree also if not you will still have to pay.
At this time your best best is refinance or a short sale. As for the tax and credit the, best advice is
consult a lawyer or a tax professional.
Good Luck.

Roberto
C21 Action!
0 votes Thank Flag Link Thu Mar 7, 2013
got to Amazon and buy "The Underwater Social" book before you make any decision.
0 votes Thank Flag Link Tue Sep 25, 2012
Doing a short sale may be the best option for you especially since you are losing money every month. At the end of the year ,the Mortgage Forgiveness Act may be going away. Time is of the essence to find out what your options before the end of the year. I specialize in helping underwater homeowners find a way out of a bad investment. Please contact me directly at info@losangelesforeclosuresolutions.com, for a private consultation. I am a NAR ,Certified Short Sales and Foreclosure Resource .

Anna Maria Kitras, Certified HAFA CHS
Broker Associate
Certified Short Sales and Foreclosure Resource, SFR
http://www.losangelesforeclosuresolutions.com
323-608-4881
0 votes Thank Flag Link Sun Sep 23, 2012
Doing a short sale may be the best option for you especially since you are losing money every month. At the end of the year ,the Mortgage Forgiveness Act may be going away. Time is of the essence to find out what your options before the end of the year. I specialize in helping underwater homeowners find a way out of a bad investment. Please contact me directly at info@losangelesforeclosuresolutions.com, for a private consultation. I am a NAR ,Certified Short Sales and Foreclosure Resource .

Anna Maria Kitras, Certified HAFA CHS
Broker Associate
Certified Short Sales and Foreclosure Resource, SFR
http://www.losangelesforeclosuresolutions.com
323-608-4881
0 votes Thank Flag Link Sun Sep 23, 2012
I know your question is from over a week ago, but it does not seem like you've gotten an adequate answer. Refinancing may be an option. I think speaking with a mortgage broker would be helpful. Here is a link to a contact form that can help connect you with the mortgage division that is affiliated with my broker. They can help give you more info. Please let me know if I can help in any other way!

http://www.theprecisioncos.com/?page_id=318

Best regards,
Samantha Baksic
Precision Realty

sb@theprecisioncos.com
http://www.theprecisioncos.com/
http://www.ocbeachcitiesrealestate.com/
714.330.2021 (cell)
800.817.7542 (fax)

CA DRE License #: 01904666
0 votes Thank Flag Link Sun Jul 29, 2012
Sony Kim
703 244 3997
Keller Williams
0 votes Thank Flag Link Fri Jul 20, 2012
Your first stop needs to be with your financial planner or tax consultant. They will have the best insight regarding tax implications based on the way you structured your ownership.

Your next step should be a real estate professional to review the likely outcome of a real estate sale and the strategy to use. There is over 20 ways to sell real estate, and yes, short selling is one of them. With a good understanding of the market. and the most likely outcome, you will be well prepared to visit with your attorney. Share with your attorney what your long term goal or best outcome is. During this confidential meeting critical listening will be required.

Work with your agent to keep you strategically positioned to achieve the result most beneficial to you. You have many options, the right option depends on your situation and the outcome you are seeking.

Best of success in selling your home,
Annette

Chat with me on:
http://www.RealEstateMadeEZlus
0 votes Thank Flag Link Fri Jul 20, 2012
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