I own a commercial apartment building that is 6 units, I only owe 0K and it’s worth 0K. I own a home but I refinanced it and took a lot of money out to pay some bills and stuff… now I owe 0K and it’s only worth maybe 0 and my mortgage went up to 00 a month.. I can’t afford that home anymore so I haven’t paid the mortgage for about 3 months…I’m doing a short sale (I’m a realtor and selling it myself). I have fallen behind on my car payments 3 months and now owe 00 to the bank or they will re-po it (I’m letting it go). My credit is no good Fico 450.
I need to start over, I live in california so the property values have went down and there are foreclosures everywhere. I haven’t been selling homes because of the bad market and got a real job now (computer tech K a mon). I make about 00 passive income net on my building. I have on the market for sale at 0K and if I sale it I will have 0K. How can I get out of this problem and just start over…Please help
You can email me the address of the apartment building. I might be interested in buying it, or one of my friends.
Similar situation over here… living in cali and suffering from the market. however, we talked to a financial person who said sometimes you just have to let these things go back to the bank. Then file bankrupcy. she said it is on your record for about 8 years, but after that, things start looking up again. I don’t know if this helps, but good luck.
Contact your lender and see if you can negotiate a way out of the house mortgage through a "friendly" foreclosure. There are lots of people in your shoes and foreclosing is a very expensive process for the lender.
Move into one of the apartments. Stay there until you can clear your debt and improve your credit score. Take the building off the market and stay put for a while. It is providing you with income and you can live there rent free while waiting for the market to improve. If it’s near a bus line, you can forget about a car for the time being and use public transportation to work as a computer tech. Good luck.