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06-21-2006, 12:50 PM
| | Junior Member | | Join Date: Jun 2006
Posts: 1
| | | Deeding a house back to lender
What is the name of your state? MI
I own an investment property and I can no longer afford the payments (trying to sell/rent for two years) I owe $198k and the house was appraised for $250k 15mos ago. Asking price is down to $215k. Other than filing BK, what are my options? I am also a joint owner w/ my gf on our residence (joint 1st mortgage/ she alone on the second) What are the ramifications of deeding the investment house back to the lender? Currently I am looking into settlement offers w/ other lenders on unsecured debt. I am not behind in any payments at the moment |
06-24-2006, 09:49 PM
| | Senior Member | | Join Date: Oct 2005 Location: Ohio (southwest)
Posts: 2,250
| | Quote: |
Originally Posted by MichiganScrewUp What is the name of your state? MI
I own an investment property and I can no longer afford the payments (trying to sell/rent for two years) I owe $198k and the house was appraised for $250k 15mos ago. Asking price is down to $215k. Other than filing BK, what are my options? I am also a joint owner w/ my gf on our residence (joint 1st mortgage/ she alone on the second) What are the ramifications of deeding the investment house back to the lender? Currently I am looking into settlement offers w/ other lenders on unsecured debt. I am not behind in any payments at the moment | Try finding another investor/buyer through an investors group such as REIA (real estate investors association). | |
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