I’m wondering if experienced RE investor’s might be interested in the challenge of trying to figure out HOW I could hold on and keep my investment property, even though it’s down 50%, I haven’t paid the mortgage in 6 months, and the rent falls $300-$400 short of the mortgage every month…when I was paying it.
If you’d like to try to figure out, and I hope you try, please let me know and I’ll give you the circumstances and numbers.
Thank you for your help.
What reason do you have for wanting to keep it, especially if ur losing money on it?! :flush
Write a hardship letter telling them just that! Except I would add in taxes and Insurance and repairs bringing that number up to 600-800 a month. And offer a Deed in lieu along with it. When they say no to the Deed in lieu (Which they will especially because its a non-owner occupied and they dont want to deal with tenant issues). Switch them to a loan mod. With congress passing that making home affordable I have seen rates get dropped as low as 4.25 on a 40 year. I have also done the mod’s where they take a portion of the amount owed and do what is called a special forbearance and move as much as 25% to the back of the loan. So you would only pay a payment on 150k of a 200k loan. Then when the 40 years is up you would still owe 50k either on a balloon or finance that as well. While you are doing that set this up on a bi-monthly payment and cut 7-9 years off the back of the loan. Simply because you are only paying interest for 2 weeks at a time. From there you should be able to cash flow or at least break even on the property…
Just my 2 cents.
What’s the prize…
Now that was a good post it made me think of Bob Barker “Tell him what he wins Rod”
I didn’t see a prize either! Just thought I would throw in a few cents to cover the neg cash flow.
Hahaha…yes, I can see now that the way I asked the original question was kind of silly…I was just hoping to entice someone to take a shot and give me some advice as I’ve noticed a lot of people reading on these forums and very few actually giving advice. Thank you to those who did give some feedback and advice.