All Forum Posts by: Carolyn Hancock

I invested in the rental in 2005. At the time I already had 2 other rentals and they were constantly rented. I didn't have any issues until 2008, just like most others. I have gotten a letter from Chase asking me to call them & have "detailed financial info. available" I have almost $10,000. saved & I sure don't want to give it to them. Will they find it in a savings account???

I bought it for $113,000 in 2005. It's worth about $85 now & owe
$64. He was looking to help me retire & as a help on his taxes.
There would be no trouble with the financing. He would have to put 30% down & that's no problem. I want this to be fair for both of us.

My son wants to buy my house from me & I will rent from him. This way I can retire & move back home, as I had to relocate for work.He would owe about $44,000. What is the best way to go about the sale, an attorney to over see the whole thing?
The house has been listed with an agent so he would have worked for 2 yrs for nothing, but I really can't afford to pay several thousand either. Your views, please.

Up date & new question. I am letting #3 house go back. You are right, no one would work with me until I missed a couple payments. Chase "said" they would work with me to surrender the house. I will see...it sounds too easy.
My son said he wants to buy house #2 from me & I will rent from him. In round figures I owe $64 & with 30%down he would owe about $44,000. What is the best way to go about the sale, an attorney to over see the whole thing?
Both of these houses are listed with an agent so he would have worked to sell these for 2 yrs for nothing, but I really can't afford to pay several thousand either. Your views, please.

With every ones feed back and suggestions I now need to lay all of this out to someone who can help me make an informed decision. I am overwhelmed with all the information and paper work. I'm a pretty decisive person but I have been dealing,,,or not dealing,,,with this for 3 years so I need someone who can look at the facts and help me lay out the steps. I do have the paper work ready to send to my mortgage company to request a short sale. My family is no help. They mean well but they don't understand real estate at all. Should I talk to a financial planner, attorney, CPA, or the milk man? I live in NC and the property is in Fl so I have the issue of state residence.

A little more back ground.
House #1 I had built for my Dad to live in after my Mom's death. I paid it off with some of the profit from one of my flips.
He went in to long term care & I started renting it with the thought I would move in when I retire. I still plan that. It had been renting well until the bust in 2008. Now it only rents as a seasonal but since it paid for that keeps it a float. The house is 16 yrs old. Has new roof and AC in 2010. 2/2/1

House # 2 I bought with a 1031 after a flip sale. That is the house I lived in, when I retired for 6 months. I loved the house when I saw it as an investment. It was rented until a month before I moved in. When I had to go back to work
to support house # 3 I left all my personal things there because I intended to move back in 2 yrs.(after I had gotten rid of # 3...dream) I rented it also as a seasonal 3 times, to help with the cost. I would like to rent # 1, full time, so I can afford to live in # 2 for about 3 or 4 yrs. I bought it for $113,000. I owe $64,000. and it would sell for maybe $77,000. This house is 15 yrs old. has new floors, remodeled kitchen and baths. 2/2/2

House # 3 I bought as an investment only. It had been rented since I bought it. The last 2 yr renter I lost $300. a month but at least it was rented while for sale. As the rental market is now I can't rent it for my monthly nut.
I paid $150,000. I owe $91,000. I talked to Chase & they tell me it's worth $85,000. It looks like doing a deed in lieu may be my best bet. It is 15 yrs old, good shape, just needs up dates. 3/2/2

Thank you all for your feed back.

Thank you. I started to do this 3 yrs ago but I'm old school of if you get yourself into it, you get yourself out.
I have flipped 5 houses over the past 10 years and made a very good profit now I feel like I'm walking away from all that work but I guess you are right,,,,,,
I need to cut my losses. I don't know where to start. I guess just to stop making payments on house # 3. I'm
the kind of borrower the banks love...I work to pay them.
Thanks for your insight.

I am 66 years old & want to retire. I have 3 properties. I own one free and clear. Number two I owe $64000. & it's worth about $80,000. Number three I owe $91,000. and it's worth about $85,000. They are all in a gated, 55 + community in Fl. with a maintenance fee of $300. a month each. None are rented but number 2 & 3 have been for sale for 2 years. I can retire if I can get rid of number 2 & 3. I have tried to refi but the mortgage co. won't talk to me because I'm not late on any payments. I work and live in N.C. for the co. I have worked for for 34yrs. The only thing I owe is the houses. How do I get rid of these houses or come up with a strategy so I can retire and go home???? I have worked for the past 3 years to make the payments on these houses so I have "done the right thing for 3 years". Got any suggestions????