Updated over 15 years ago on . Most recent reply
Any Creative Solutions?
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
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Sounds like a short sale.