Reality411
New Member
I would like to get some information regarding how to shelter real estate investments that I own, if I let my primary residence foreclose or do a shortsale.
My primary mortgage (1st loan) is not the problem we are still current on it, just barely- it's the equity loan we took out for $150K. I have already paid over $40K in interest payments on the equity loan, our house is upside down because of this equity loan. Most buyers don't want to bother with a short sale, because lenders have really abused everyone involved up to this point. The bank negotiation process seems like it will take too long, and we are drowning with the $4000/month payment for a house that is sitting empty (we moved to Texas for my husbands job, renting a house there).
I am pretty sure the 1st mortgage for the house will just be a wash- but the equity loan won't be paid in full either way, and I don't want them coming after my other property. I have a condo in AZ that was left to me by my Mother who died in Jan 2009, and I rent it out when I can, not much income from that. My other investment real estate is in Texas, and was flooded last September due to Hurricane Ike. I am looking to sell that property "as is" not much money there. But, that is all I have, the Hurricane wiped me out. My Husband has a good job, so we have been able to keep up most of this past year, but funds are running out, and it seems like we are throwing money away at this point. I would like to do the short sale or just let the house go back, I am wondering how I can protect what little I have left. Any suggestions would be appreciated. Thanks.
My primary mortgage (1st loan) is not the problem we are still current on it, just barely- it's the equity loan we took out for $150K. I have already paid over $40K in interest payments on the equity loan, our house is upside down because of this equity loan. Most buyers don't want to bother with a short sale, because lenders have really abused everyone involved up to this point. The bank negotiation process seems like it will take too long, and we are drowning with the $4000/month payment for a house that is sitting empty (we moved to Texas for my husbands job, renting a house there).
I am pretty sure the 1st mortgage for the house will just be a wash- but the equity loan won't be paid in full either way, and I don't want them coming after my other property. I have a condo in AZ that was left to me by my Mother who died in Jan 2009, and I rent it out when I can, not much income from that. My other investment real estate is in Texas, and was flooded last September due to Hurricane Ike. I am looking to sell that property "as is" not much money there. But, that is all I have, the Hurricane wiped me out. My Husband has a good job, so we have been able to keep up most of this past year, but funds are running out, and it seems like we are throwing money away at this point. I would like to do the short sale or just let the house go back, I am wondering how I can protect what little I have left. Any suggestions would be appreciated. Thanks.
