Need advice on my mom's second house in SC. - Posted by Jeff (ATL)

Posted by Nate(DC) on June 06, 2002 at 09:11:04:


Need advice on my mom’s second house in SC. - Posted by Jeff (ATL)

Posted by Jeff (ATL) on June 06, 2002 at 08:43:24:

Hello everyone,

I need some advice on what to do with my mother’s 2nd house back in Charleston, South Carolina. Here’s the deal, she has house in SC that she is currently renting for the exact amount of the mortgage. She is currently living (bought another house) in Atlanta, GA.

The house in Charleston is a 2bed/1bath in an ex-VA neighborhood, since the navy pulled out; the neighborhood has gone down hill drastically.

The loan: The loan is through Washington Mutual but it used to be someone else. My mom has owned this house for about 15 years and is not even close to paying it off.

The loan is for 43,000 at a 10% rate, I guess the rates were high in the 80’s. The current principal is $36,398.00 with monthly payments of $494.25. The fellow who is renting the house would like to buy it but his credit is very poor.

What can I do to help her? Flip it? L/O? Any kind of contract to get the tenant to sign besides a lease? Please help me; I don’t want this house hanging over her head forever. It is definitely a don?t wanter.

Charleston Post *&Curier - Posted by ken in sc

Posted by ken in sc on June 06, 2002 at 19:07:58:

I believe that is the name of the paper their. Check for the Post’s web site, go to classifieds and look under Real Estate Wanted for I Buy Houses ads.

There will likely be some you can call.

Good luck