Beach Condo- Stopped Making Payments In June
I bought a beach condo in Myrtle beach from an investor that gave a lease back and touted fractional selling.
the iedea was to sell 4-6 weeks to other people and keep a fraction. this was to be deeded property. He gave a $77000 lease back and said to use half towards paying mortgage and the other half for new investments.
I was sold this condo at $625000 and paid it for 6 months and then ran out of money. I come to find out that he had an appraisal done but they went out a mile to find higher prices and that the prices within the building my condo was in never were worth what I paid.
Now the prices have dropped due to the market and the bank is coming after me for payment.
I would sell it but cant get what I paid. if this was done as a short sale am I liable for the difference from what it sells for and qwhat is owed?
Would I be better to let it foreclose or get a deed in lieau of foreclosure?
What are the reprocussions of any of these? My wife is worried that the bank will come after my personal residence which is in NC, can they do that?
I dont have the money to do any of these and was lead to believe when I bought that it would sell fast as fractiionals. does the "investor Guru" that sold this bill of goods have any responsibilites? can he be brought up on fraud or selling rela estate without a license?
Please help and tell me what I can do to get out of this without losing my home or anyuthing else.
J/NC
due to softness in the residential market in CA this market has pretty much collapsed.
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On 2007-08-09 15:38, cjmazur wrote:
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This is a very interesting cite. Thanks.
I wonder what the cost would be, and if the exist to have a corporate agent in the foreign state that that mails the checks and other paper work.
Doing this would NOT avoid the $800 tax if you are a member of the LLC AND a CA resident. CA says you owe them a CA return and the annual franchise tax of $800. You would need to cease being a CA resident or a member of the LLC to avoid the $800 tax.
this is a "super" agent that does it all. Might even be a market for such a service.
Is there a benefit to forming in Nevada and registering in Texas? I might later do a 1031 exchange for properties out of Texas. I know Nevada offers LLC privacy using "Nominee" service, but the same level of privacy might be achieved using land trusts.
you still have the issue that you will have some active roll in the TX property, and CA will want its 800 buck.
If you have a manager in TX and agent or nominee in NV do all the work, they you might not need to register in CA.
i am in ohio and llcs are 125. and are 3 page form with nothing more that 3 signatures.
question for the experts here-
i have now 3 - 4 family apartments each in my wifes name that we take residential equity lines against.
How does an LLC filing protect my wife and me?-
I would think since the loan is in her name and the building is - then the LLC doesnt provide much?>
what is the best strategy here?
[ Edited by acucu on Date 09/23/2007 ]
once you put the properties in an LLC, you have to worry about the mortgage being assumed by the LLC, insurance be issued in the name of the LLC, and the unlikelyhoohd of getting equity lines in the name of an LLC.