Posted by Dan on February 25, 2007 at 19:23:21:
Indiana
I need an opinion concerning my home! - Posted by Dan
Posted by Dan on February 25, 2007 at 07:50:49:
I was doing some investing 5 years ago when I lost my job. At the same time, I had two empty rehabs up for sale, plus I had 3 tenants doing rent-to-owns who stopped paying their rent. My own house payment was $1,000 per month! Needless to say, I had a hard time maintaining that kind of a payment.
When I bought my home, I bought it with an 8.75% ARM with a 3 year pre-payment penalty. I was planning on waiting out the penalty, and then re-financing. But, by the time the penalty wore off, my credit was in the toilet, and the possibilty of refinancing became impossible.
To make matters worse my monthly payment has ballooned all the way up to 12.6%, making my payment over $1,500!
We are now headed into forclosure, and my wife and I decided we need to file a Chapter 7 and go rent somewhere until we can recover.
Our house may be a potential deal for someone who knows about short sales. What I thought would be kinda cool is if an investor bought our house with a short sale, sold it back to us on a land contract with affordable payments for a year or two, and made their profit on the back end.
This would require an experienced investor who also has experience with short sales.
Anyway, has anyone else gotten in over their heads like I did?
When I get the chance to do it again, I will take things a little slower and build on little successes, rather than trying to make it all happen at once.
Dan
Re: I need an opinion concerning my home! - Posted by Harry
Posted by Harry on February 27, 2007 at 09:28:05:
Sounds like a scheme. Go rent an apartment.
Not cool - Posted by Sgt.Sausage
Posted by Sgt.Sausage on February 26, 2007 at 01:58:06:
==>What I thought would be kinda cool …
Yeah. Ripping off the bank, reneging on promises to pay and filing bankruptcy. Yeah. That’s always kinda cool.
Not.
Re: I need an opinion concerning my home! - Posted by John
Posted by John on February 25, 2007 at 13:22:24:
ok Dan, I will bite…what state are you in?
I need an opinion concerning my home! - Posted by Ed
Posted by Ed on March 02, 2007 at 03:20:19:
What scheme? The house goes in foreclosure. If somebody buys it from the bank, what’s wrong with that?
Re: Not cool. Ripping off the bank??? - Posted by Ed
Posted by Ed on March 02, 2007 at 03:17:47:
Re: Not cool. Ripping off the bank???
The bank is RIPPING HIM OFF with 12% interest.
Wake up!