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Asked by Lesley Gregory, Sun Oct 12, 2008

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Answers

2
David, , La Jolla, CA
Sun Oct 12, 2008
See if you can rewrite the terms with countrywide. With recent news... Many states like CA will follow suit and make countrywide rewrite bad loans. However, CA is not one of the states forcing CW as of yet.

Of my 15 investment properties, I am down to 3. For me, "waiting it out" was no longer an option 12 months ago....I have since diversified my portfolio to cover my losses with othe real estate investments and have "flipped" 4 properties in the last 6 months.

Asset reallocation and diversification is something I highly suggest.
1 vote
Keith Sorem, Agent, Glendale, CA
Sun Oct 12, 2008
Lesley, I am very sorry for your situation.

Frankly I am surprised that you have not received advice from your Broker. Rancho Mirage must be a similar market, no?

Your options:
If you really wan to keep it and are not broke, then asking for a loan modification would be the best option. They will want you to re-qualify for that new loan.
If you really think that you can prove a hardship, then they might let you do a short sale, however you need a Realtor that has experience with short sales. I can refer you to one if you need help, a top Realtor in San Diego.
The kicker is that you need to qualify and based on your post it sounds to me as though you are not "broke enough", so that leaves you with the loan modification or foreclosure.

Let me know if you need help.
Keith
1 vote
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