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Updated over 14 years ago on . Most recent reply

Lisa Cary's profile image
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Lisa Cary
  • from Kula, Hawaii
  • Member since Aug 11, 2010
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Lisa Cary's profile image
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Lisa Cary
  • from Kula, Hawaii
  • Member since Aug 11, 2010
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Lisa Cary
  • Kula, HI
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9
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Real Estate Agent

Any Creative Solutions?

Lisa Cary
  • Kula, HI
Posted

The property adjacent to my rental has been abandoned for 8 months. I contacted the owner and found out that he owes $650K on a the property which is worth $350K. The house needs a lot of work and I would be interested in it for $250K. He filed Chapter 7 1 month ago.
He can no longer afford the $4100 payments per month on an ARM mortgage.
Can anyone see a creative solution to this that would work for me and for him? Does Chapter 7 absolve you from your mortgage?
Thanks for your input.
Lisa

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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied

Sounds like a short sale.

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