Is This Worth While?
I've located a house - it sold in april for 120,000 on an FHA loan of 116,400. already it is behind by $3,562. ie no equity at all when you use the april selling price as a measure of its value.
Is there an approach that makes sense here?
If you can find a tenant/buyer to give you $5000 down and sell it to them for $140,000 a year or two in the future you can make a few bucks for the effort. Best to get the t/b in your pocket first because of the payments. You may try a short sale too and if the mortgage company will not budge you can still do the sub2.
Hope this helps some
Ted Jr
Don't even bother with it.
C-