Help this Family of 8! Single Family Home Upside down.

[Tony Johnson]

I stopped by one of the friendliest mothers I've ever met today and I really want to help her out. She responded to a bandit sign and here is here situation:

• Loan Originated 2007
• Loan Balance $100k
• Interest Rate: 9%
• Original Loan $106k
• Appraisal Amount: $123k
• Estimated Repairs: $15-20k
• Monthly Payments: $1100
• Est. Rent: $1500

Can I make a deal out of this? They have been late on payments since about May or so and have about $7k needed to bring the loan current.

[Jon Holdman]

Is that appraisal recent?  And a real appraisal not a tax assessment?  Is that as is?  

Given those number advise her to list it with an agent.   She would net about $110K or a little more after closing.  Enough to pay off her loan and put some cash in her pocket.

Yes, you could probably make some money on this.  But anything you make is right out of her pocket.