All Forum Posts by: Minna Reid

If you haven't already, respond to the foreclosure suit, and also try to get into mediation if you can (many states offer this). You may be declined for not being an owner occupant, but it will still buy a little more time. Uncontested foreclosures move faster.

Also - call the lender and apply for loan mod/forbearance etc. It should buy time, and avoid legal fees being added to the balance as the foreclosure attorneys wont be involved for a while as they process you for different workouts.

Taking the loss now is preferable to paying out monthly for the privilege of being a landlord. The only other option I see is a short sale, if you don't need to purchase for a few years and don't mind a temporary credit hit to save the $60k.  

Sounds to me like an investor turned down the deal because after finding out the actual payoff, suggesting the numbers are not investor worthy. Homeowners will always pay more than investors, and the easiest way to get the property in front of the masses fast is to list it. 

If OP has not already tried calling every we buy houses ad in the area, they should also do that. 3 days is very limiting though - no time to waste. 

Judges also postpone sale dates for buyers with financing, so cash is likely not necessary to get the date moved. A contract with financing should work just as well to get more time. Even if the property is short, a contract with a buyer, even subject to short sale approval, should work. 

I have never seen a judge turn down a request for more time for a qualified sale, unless the homeowner has already abused the system for excessive periods of time.

I agree - condos are generally the worst investment IMO as you are at the mercy of the HOA and cannot actively control those costs.

I've confirmed this by working short sales for almost 20 years now. The condo owners always get it worst. Last to rise, first to fall. Florida seems especially volatile. 

With that said - as far as the location part of your post - I would be looking for opportunities in north FL - northeast and panhandle. They are still relatively cost effective and growing, although everything is still overpriced right now. The market is correcting though.

Did the lender agree to give you a deed in lieu? 

Just asking as most folks seem to think "giving it back to the lender" is always an option. They never owned the home, they don't take it back. 

DIL is a voluntary foreclosure.

It is a loss mitigation option you have to apply for and be approved. You also cannot have other liens on the property or a DIL is usually not an option. 

Most lenders will for try to send you down other roads first such as a loan mod or short sale, before they agree to DIL. 

Either way if you personally guaranteed the note, yes it will affect your personal credit no matter who the property is titled to. DIL is a slightly lesser hit than a foreclosure and you wont get a new loan for several years after. 

Also - it sounds as if there may be a deficiency here. You will want to know your state laws regarding deficiency judgments, and whether your deficiency will survive the DIL. 

The quickest way to get a buyer immediately is to list well under market on MLS.

Sounds like you spoke to collections (who will tell you anything to get money) and not loss mitigation, as paying back due balances are NEVER part of a short sale. In fact being current on payments is the biggest challenge to getting a short sale approved. 

Either way if the balance is 140k, without going through the short sale process (which will take a few months) no one can assure you of any approved sale price. As part of the short sale process, the lender will have an appraisal/BPO of the property to determine its current fair market value. The lender will be looking for close to that amount.

This is not a sub to deal at all. Move on if that is your strategy. 

I am a Jacksonville broker with experience with 1031 exchanges, but these properties are in 3 separate markets. You are unlikely to sell all the properties to one buyer. However, you can likely sell all the properties in the required timeline to do the 1031k, although that will take some effort/cooperation between multiple buyers/brokers, considering the separate markets.  Question is where are you looking to buy?  Feel free to pm if you need more assistance.

Looking for another agent to check out a property for me and report back on value/condition.  Pm me. 

This is so common. The partial claims are always way more than people expect and usually leave them upside down. Unless you want to stay in the home or pay the difference out of pocket, you should pursue a short sale. FHA is currently streamlining everyone through short sales. Easiest time in history to do a short sale.