It is very unlikely that any lender will reduce the amount owed on your original mortgage loan because of variations in market value of the property, especially if you still have the financial ability to pay.
Remember that your original promise to pay the amount borrowed (your note) was not contingent upon what the home would be worth in the future. If this were the case, very few people would ever be approved for a mortgage loan because the downpayment requirements would be astronomical.... more
New listings are always getting a lot of attentions so it is very important to set the price right from beginning. If you get calls but have no showings you need to adjust the asking price.Going back to your question, your home may sell in a few days or 3 month,.....price it right and it will sell fast !... more
I am in the same boat. Bought a house for $400K in 2004, down payment of $80K, now worth $285, less than what I owe on it. Its rented and I am negative by $700.month, Im not even qualified to take income tax deduction on the annual losses. .
what to do ? I am stuck.. If we give it up, our credit will get hurt. I can't afford that.
If you could afford for your credit to be not perfect, then you could let it go...
You can either do a short sale, or give it back to the lender in lieu , or have them foreclose meaning you stop paying on it) .. Then there is an end to the bleed..... more
I replied to your other question before noticing that you say,
"Can't afford an attorney, I know about that already"
You do mention (elsewhere) that you are making partial payments.
Suggestion: use THAT money to get an Attorney instead.
is your mother renting the apartment or buying? you can only have one primary home homesteaded, and there is a minimum length of time that you have to live in that home...go to the Dade County's tax site to check out the requirements.
You might want to think about selling, but owner finance, which means you won't get all the $ up front...that way, you'll get monthly payments, and if they default, you can get the house back...just a thought. There are plenty of first time buyers out there, who would love to buy this way in these days of almost impossible financing. However, you want to check their credit history and make sure all the legal ramifications have been addressed by a lawyer.
I would be happy to help you do a comp analysis of the house (I might even have a buyer for you). I'm a realtor, mortgage broker, and CAM property mgr. I also work closely w an attorney. Together, I think we can solve all your needs.
It's a tough time when our parents get older. I, myself, have and will go thru similar experiences w my parents.
Catherine Kim Owens P.A. 954-536-0648; email@example.com... more
If you look at your taxes and see that you are being assessed and paying taxes on the value of your home at $180,000 you would need to pay an appraiser to complete a tax appraisal. This way you can submit the appraisal to prove value is lower and get your taxes reduced.
Did you try a loan modification? Even with on time payments your mortgage company may consider forgiving part of your principle balance. I do have an application if you are interseted in applying for the loan modification and seeing if anything can be done.
Lindsey :-)... more
A local agent can probably give you the best advice,but I would think you should notify the lender & hopefully
they will be sympathetic under the circumstances. i think if you try to conceal this,you could be letting yourself in for legal trouble. And tax collectors have ways of finding these things out.... more
Typically, lenders don't go after personal assets like cars, jewelry, etc. It is best to get such advice from an experience attorney that handles real estate matters. Contact the lender and ask directly what they may do in event of foreclosure.... more