Posted by Robbie Burns on May 20, 2004 at 23:49:53:
Contact a local mortgage broker and ask about Fannie Mae’s rehab loan program; they offer financing for a percentage of “after renovated value”. IT’s available for non-owner occupied properties.
I don’t know how you got yourself into this mess; two years is 1 year and 9 months too long to be into a fixer. Whatever happened, I hope you’ve learned a lesson.
Contractor dispute and rehab dillema - Posted by Moe
Posted by Moe on May 19, 2004 at 21:54:52:
I recently terminated my contractor who left my project drastically unfinished. I am of course trying to sue them but in the meantime the property is a moneypit since I’m still paying the mortgage, insurance and taxes on it. I’m not sure whether or not I should let the property go to foreclosure, shortsell it, or try to obtain a government grant to finance the rehab on the property. The mortgage is $110K. I purchased the property in 2002 for $118K and the property still needs approximately $30K worth of work. Does anyone have any helpful advice?