What are some options if your seller client is upside down in their mortgage?

Asked by Samuel Awosolu, Atlanta, GA Wed Apr 15, 2009

I have a client who has an investment property in Atlanta. She has tenants living in the property and their lease expires in June. She wants to sell the property but the values in her neighborhood are no longer their. I pulled comps for .5 , 1 mile and even 2 miles (not suppose to but did anyway to see ). Everything was pretty much 50k less than her mortgage balance that was sold or expired in the last year or two. What are some options if she is current with her mortgage and wants out?

I have some ideas to offer her but I wanted to seek the experience of a lot of you here that may have encountered a similar situation.

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davidwbrower, , Woodstock, GA
Thu Apr 16, 2009
keep renting

there are no good options.... is she in trouble? does she have a legitimate hardship? other options would be:

loan modification
short sale
sell it and right a big fat check at closing

that's about it.

she's best off to keep renting and suck it up. she made a decision to be an investor, now she has to take the good with the bad. there is not miracle bailout cure.. she's not a big US bank getting a bail out so she has to live with her bad investment.

another option would be to buy more real estate and offset her losses. just like buying more stock when it goes down.
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