Landlord Has Personal Property Questions
I am working with a landlord who has rental properties in a LLC. Mortgages are in personal name. Mortgages are two months behind ready to be three. Afraid on a short sale or foreclosure on rentals may possibly come after personal residence. On title with spouse but not on mortgage of personal residence.
Personal residence has market value of $200K but tax value is $217K. The village concept died in this neighborhood and there are 4 out of 7 properties for sale in the circle. Two have been on the market for over 6 months.
What advise can I offer to work out some deals. The rentals are good short sale candidates.
Daryl
Well thats one confusing question. I cant tell what you are asking...or if this guy has equity or if he even owns the property
Are you looking at purchasing his personal residence or his investment properties??
sorry to confuse. looking to purchase investment properties but landlord is concerned that if we short sale or has foreclosure on rental properties then they could somehow look at personal assets and somehow take away. there is not much equity in personal residence but all payments are current so i am being told. landlord just wants to protect all personal assets; house, cars.
all short sales are payment in full. Lenders normally include all contigencies included in the payoff letter.
I understand short sales as payment in full. My question for the landlord is; is any of personal property affected?[ Edited by daryl1234 on Date 12/28/2006 ]
Quote:
On 2006-12-27 23:09, charlotteinvestor wrote:
all short sales are payment in full. *********Lenders normally include all contigencies included in the payoff letter.***********