Desperate Seller in MI - Posted by Fun At Christmas

Posted by Henry on December 11, 2007 at 20:27:20:

When did you last apply for the short sale? Did your BK lawyer rep you with the court and this short sale? How could the court say “not in your best interest” WHAT PART OF THE SALE ISN"T IN YOUR BEST INTEREST at this point? Jeez. If its been even two or three months since you tried to get court approval for the sale, try again. The markets are declining and things are ch ch ch changing

Desperate Seller in MI - Posted by Fun At Christmas

Posted by Fun At Christmas on December 10, 2007 at 19:45:56:

Okay, here’s one for all of you gurus…

I’ve been lurking on this site for several years. The short story is got into brutal trouble with 2 low-rent duplexes in Hamtramck, MI. I declared Ch 13 over a year ago, got laid off after that, then had to relocate to North Carolina for my new job. Credit before Ch 13 was around 750…now 530. Obviously, your serious investors out there know how bad the Michigan housing market is…and I’m stuck with a house there. Nice neighborhood (Farmington Hills). House currently listed as Lease/Option. Agents walk thru (~12 agents) said its worth ~$220,000 (all of their opinions averaged). Last appraisal was $250,000–but that was 3 years ago before the market to a dive. I owe $235,000. 3 bedroom, 2.5 bath. ~1700 square foot. House next door recently sold on lease option for around 1500 month, 245,000 purchase price.

I’ve actually attended a creative realestate seminar from a few folks on this website a few years back so am familiar with creative techniques…just don’t have the stamina or creative mind at the moment. Willing to look at any creative options you guys can come up with (or offer)! Would love to L/O myself–plan on putting up signs over Christmas as I’ll be in town from the 21st-29th. Willing to show if anyone is interested.

I’m obviously looking for suggestions, offers, solutions for my fun. I’m in a position to pay off my Ch 13 completely but unsure if I should. I tried to roll this house into the Ch 13 but it was too late according to my attorney. Even though my credit is already shot, I’m concerned that another foreclosure (I surrendered both Duplexes in the b.k.) will look even more shaky on my credit when I try to get a house in the future.

Have a good Christmas!


Re: Desperate Seller in MI - Posted by Jimmy

Posted by Jimmy on December 11, 2007 at 14:04:59:

Court doesn’t want to let you short sale your house because it is not in your best interest?

It is not in your best interest to keep this house and every day you keep it the hole is getting bigger. Your credit can always recover with time and it is already messed up anyway.

Hand in the keys or just let it go into foreclosure. No matter what the court thinks, you need to stop the bleeding first.

Re: Desperate Seller in MI - Posted by Mrs Fly

Posted by Mrs Fly on December 11, 2007 at 08:08:03:

Can you tell me what your payments are? Are they current? Is it a fixed payment? Thanks

Re: Desperate Seller in MI - Posted by David MacGown-MI

Posted by David MacGown-MI on December 10, 2007 at 21:14:21:

Well, I certainly am not a guru… but let’s see if I can help you with a solution anyway.

Your house is worth $220,000 and you owe$235,000
in the automobile industry they call this upside down.
Can you bring any cash to closing?
It looks like the best way to sell your house is to do a short sale (discount the mortgage with the bank)

Good luck,

Re: Desperate Seller in MI - Posted by Desperate Seller in MI

Posted by Desperate Seller in MI on December 11, 2007 at 09:17:51:

Sorry, forgot the numbers…I’m hurtin’, but everything is current:

1st mortgage: ~185,000 balance, ARM, just adjusted, don’t know new rate off hand (don’t have caclulator handy) pmnt: ~1700/month

HELOC: 11%, ~457.00/month, balance ~$49,000

Annual Taxes: ~3500/yr

Re: Desperate Seller in MI - Posted by Desperate Seller in MI

Posted by Desperate Seller in MI on December 11, 2007 at 09:34:54:

Unfortunately, I don’t have cash to bring to closing.

Called on a short sale and Greenpoint said they won’t do it because of the 2nd and a lien ~5000 for new cabinets we had put in a few years ago.

Finaly issue with short sale–I need the Court’s permission to sell the house and they won’t let me sell short because its “not in my best interest.” So, that’s not feasible until I pay off the Ch 13…which I’ll be able to do in the next month or so. My company is paying the first and second notes through March of '08–out of my future bonuses.