How To Get Out Of This Mess?
I am an experienced Real Estate Broker but in a fine fix due to illness. Both mortgages going into Loss Mitigation (residence and investment property) Have until the 1st to rectify but no closings in site for at least 1 month. How can I find someone locally that is a creative investor to work a deal with asap? If I did find someone what might be a fair structure for them and me which allows me to keep my property. Usually I make a good living but lost 31/2 months this year and playing catch up. Please, all with any ideas respond--here or via email Thanks
Find out who owns rental property in your area by using your MLS and also your county records. Then contact them and ask for their help. Also, contact ANY real estate/landlord club within 50 miles of you and ask for help. There will be Realtors there too, and they will guide you to the right people to help you through your specific situation. Then join the club! Learn all you can about RE investing. We need realtors and brokers out there who know how investing works. It's a shame so many do not.
If you are only looking for a couple of months delay.... to stop the foreclosure process, try this:
List the property with a cooperating Realtor ( I know, I know, you ARE a Realtor,) give them permission to talk to your mortgage companies, illustrate all the BAD features of your properties (rotted wood, etc., and basically start the Short Sale process. Present all this to your mortgage company.
Normally this will stop the foreclosure process long enough for you to pull yourself together.
Don't hold your breath expecting a creative investor to bail you out AND allow you to keep your property on your terms. Their job is to relieve you of your property ownership problems, and most of the time the investors end up owning your property.
Tell us more about what you are wanting to accomplish. I realize you want to keep these properties.
Can you afford the montly payments?
Do you have anything to catch up the back payments?
How far are you behind in terms of months and $$?
I recently worked a deal where the seller was 4-5 months behind and the bank basically took what was owed, added it to the principal balance, and reamortized the loan. The payments went up slighly but the loan was considered current. They bent over backwards not to take back the property.
You may also be able to arrange something similar but not pay on the loan for a few more months until things are straightened up.
For whatever option you are going to have to show the bank what caused you not to pay, how the situation is fixed now, and that you have the financial ability to pay back the loan.
If you decide to sell, call the "we buy houses" ads in the classified section of your local newspaper. GOOD LUCK