Financing in 30312>Question Details

ljw32, Home Owner in Atlanta, GA

We purchased a home in Washington State in 2005 for 297000. We have a mort. pmt of 1435 a month and and home equity pmt of 235 per month. We have

Asked by ljw32, Atlanta, GA Tue Feb 12, 2013

rented the property for 1550. and moved out of state. The last tax appraisal was 195000. I am now totally disabled and am looking for guidance in disposing of the property. Any suggestions will be greatly appreciated. There is a 155. management fee taken out of the gross rent. Thanks.

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Tim Moore’s answer
Tax appraisals are pretty meaningless as far as what you could sell it for. it could be worth more or less. You might need to speak with a local Realtor with experience in short sales since it sounds like you have a hardship. Your Realtor can figure out the current value and help with how to start a short sale conversation with your lender. Good luck.
1 vote Thank Flag Link Tue Feb 12, 2013
Fannie Mae will make exceptions to people on total disability in allowing a short sale. You'll have to wait 2 to 3 years to buy again though. Here are some other options:

Lease purchase the house to the current renter and have them pick up the full amount. You'll want to have the buyer open a trust in his/her name and transfer title to the trust naming the buyer as the beneficiary of the trust. This will ensure the buyer gets a tax write off. Then, have the payments made to a 3rd party company. You will be on the loan for 12 months after which the buyer will then refinance the property (after credit is cleaned up) and remove you from the loan. They will then take the house from you. No short sale, no foreclosure, no closings etc. I know someone well versed in this process that I can refer you to.

Deed in lieu of foreclosure. Contact the bank and ask them to take the title back. Not an easy process.
0 votes Thank Flag Link Wed Feb 20, 2013
It depends on where in Washington State, ljw.

If you're close to Seattle, the value may be close enough to what you paid for it that you may be able to sell it without writing a check at closing. In some areas, you would have to do a short sale to dispose of the property.

You should have an accountant help you because you may be breaking even after taxes, even though you have a negative cash flow.

Ask your property manager for a referral to a local real estate agent for a broker's opinion of value.

All the best,
0 votes Thank Flag Link Tue Feb 12, 2013
U are upside down by 100K.

Ayou do not cover the expenses from the rent you receive.
Can you frinance it??
Have the market changed whee the house is located??
Talk to a lender and see the best way out.
0 votes Thank Flag Link Tue Feb 12, 2013
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