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Additional Details
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Single Mom in New Jersey | I am 6 months behind mortgage payments on an investment property. How do I get rid of it? |
Additional Details
I went in the propery with another investor. I left it in their hands to fix it up and rent it out and they havent. The house is Newark New Jersey
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Feeling Mutual
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I think you should file for bankruptcy protection, and give the property to the mortgage company. You should consult a bankruptcy attorney. |
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Brownie
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I am surprised they haven't forclosed. Call your bank/lender and see if they will do a deed in lieu of foreclosure.
A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e., the borrower) conveys all interest in a real property to the mortgagee (i.e., the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.
The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he would in a formal foreclosure. Advantages to a lender include a reduction in the time and cost of a repossession, and additional advantages if the borrower subsequently files for bankruptcy. |
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chris r
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don't worry. if you are 6 months behind, i'm sure the lender will get rid of it for you. |
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mscarriem
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If you asking about how do you get rid of the lates, pay your mortgage up to date, if you are asking how do you get rid of the property most likely your lender will foreclose soon and take it from you, However keep in mind, if you owe more then the home is worth, (they will include attorney fees, late fees and a bunch of other fees in amount owed). You will get a 1099 for the amount you owe over the sale price, and be liable to pay tax on the 1099 |
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tra5682000
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Contact your lender to see if they will work a "Short Sale" for you. You also need to find out if there are any other liens on th property... If they didn't make the mortgage payment, are you sure they paid any taxes??
If you need assistance, check out this site
www.sgi-solutions.net
Good luck! |
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Morris F
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First of all, I assume you have received an NOD (notice of default) on the property ....it is up to each lender's discretion as to how much of a grace period they will allow before filing an NOD.
After recording the NOD, a trustee must wait 3 months before recording a Notice of Trustee's Sale (the most common way to foreclose in California), and 21 days after that before a sale (public auction) can be held. A statutory "reinstatement period" runs until 5 days prior to the auction date. During this time the debtor, or any other party with a junior lien on the property, may "cure" the default by bringing all payments current. Once the reinstatement period is over, the debtor may still stop the foreclosure sale by paying off the entire debt - plus interest,costs and fees - prior to the date of sale.
Second, I assume that you would like to sell the property when you say "get rid of it".
That option does potentially exist in the way of a "short sale" (a situation in which the sale price you could currently get for the property is less than what you owe). This must be approved by the lender and requires a letter of hardship (handwritten) from you stating your hardship details. This along with a purchase agreement from a qualified buyer and sent by your REALTOR and accompanied by your HUD 1 would help give support for your postion. If you have other investment properties of this type it will be difficult to convince the lender to take a loss on the property. Consult you realtor. AV HOME Daddy.com |
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Humby8386
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Call the mortgage company and try to do what is called a short sale; basically the bank may agree for you to sell the house for less than you owe, but most likely you would have to pay taxes on the money that is lost by the bank. For example, you owe $400,000 and sell the house for $320,000; therefore, you would pay the taxes on $80,000. In this cause you would avoid a foreclosure on your credit history, so you may reinvest in the future. |
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J L
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Sell It, Deed in lieu of foreclosure |
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Jonathan B
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Sounds obvious but put it on the market at a price no one could refuse. Where is the Property?
Need more help
Jonathan Brinker
Residential Mortgage Center
http://www.redhotrates.com/StaffProfiles.aspx?ID=409369 |
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David G
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Contact www.platinumreic.com the only thing you can do is hope they can short sale your home. |
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Your #1 fan
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Investment propert is usually rental. Don't you have tennants? It ahould be self liquidating if you have any investment sense. You should have benn foreclosed on already. |
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Fred Head
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Sell it now. Or contact the lending company to do a "short sale". See if they will take it back for less. Then be sure you get a deed in liu of forclosure. |
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paandes
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where is it? how much u want email me my user name @yahoo.com ok? my dad does this stuff. |
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dontknow86
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Put it up FOR SALE right now ! Save yourself. Why would you wait for them to foreclose on it???? |
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jerry f
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try to sell and goodluck |
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boater60102
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Where's it at and why hasn't it been foreclosed on yet? |
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Jenny F
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You will have pleanty of time just catch up if you can. I have a home I am currently behind on we have moved and it is up for sale but I need to sell it fast. I don't need a forclosure on our credit. So catch up soon. |
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cmt1101
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Where is the property located? I am a Realtor that sells investment properties in the Phoenix Area, I may be able to help find you a buyer! If your property is located in another area, I can provide names of licensed Realtors in your area that specialize in investment properties. You can contact me at cmt1101@yahoo.com. |
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