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Hey Folks;

Here my problem , I am in negative equity and cannot sell properties, what my options?

can you do a lease purchase?

I don’t see any other options besides renting them and keeping them or lease/purchase. The only other thing would be selling for a loss which doesn’t make sense, or letting them go into foreclosure which is also a terrible idea.

There are options. Explain negative equity in your terms? I know what it means, just want to see if we are on the same page. If I can not understand your situation then I can not help. Fico score, where? occ or non occ, LTV loan you are in? option arm? 99%
neg am loan… go ahead… your turn.

Here the details:

Purchased two seperate properties from same owner 6/04. Duplex was 64k with 52K owning plus 103K equity line that was drawn down to the max. So i owe 155 on property maybe worth 100K.

Triplex was 129K owe 115K, HAd it for sale starting at 280K now down to 145K and no takers, nothing NOTHING moving in this area at all.
FICO is a wreck probably 300
non-occ

both original mortgages are fixed, equity line is at 6.99%

How long is the fixed equity? At least you don’t have to worry about FED raising short term rates.Can you hold on to it until the real market cycle goes up? Positive or negative cash flow problems?
I see some lenders go up 125% of value, that if the yearly appreciation is there.Someone at the bank didn’t adjust thier ratio for delta. You are correct a lease purchase is your best bet. Cut your loss and reestablish your credit.Or talk to your tenants and ask them do they like to own the building together as tenant buyer and do a lease option puchase.You retain the tax write off and they -tenant buyer treats the property as owner.Ask for 3 yo 5% of value of property as down payment to buy property.If value goes up it is a win-win for you or tenant buyer. Option money can be applied to principal if the exercise their option. If not, it is not refundable. You just got to structure it right. I do not know your variable at this time to determine what it is.Hope this help.