My house in Sacramento was nothing but a big loss, but now is worth less than the loan to help?

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I rented, but I’m not always 50% of the actual monthly mortgage. I want to sell it, but its value was 30%, if I sell it because I owe money mortgage companies so much for all costs associated with fund sales have declined. Is there a solution? Is there an expert out there who has a better suggestion for me? Would it put into foreclosure a good option? Help!

  1. Reply
    May 1, 2011 at 4:54 am

    If you let it go to foreclosure they can’t come back on you for the value of the loan against the value of the house sold. It might just be a better idea to let it go though it will mess with your credit rating.

  2. Reply
    May 1, 2011 at 5:10 am

    Here is what one California homeowner did that was very creative. He was in the same position as you are. He issued a grant deed (this transfers ownership of real estate in California) to the Governor Arnold.

    Now the lender will have to foreclose on the governor’s real estate. Do you think that might cause the lenders some problems.

  3. Reply
    William H
    May 1, 2011 at 5:20 am

    If your tenant is on a month-to-month rental, raise the rent. This will help your cash flow but only if the rent increase sticks with the tenant.

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