All Forum Posts by: Nancy Molinari

Howard, my job was in Brookline Village and I loved the eclectic shops in that area. My my sublet was in Cleveland Circle. I worked with 3 different agents for 3 different firms and they couldn't find anything for me that was under $1800/mo and another $150/mo for parking - tough for a single person, even with a descent income.  I'll deal with the present as best I can and am happy to be home. I have an attorney who will be assisting me through my negotiations, if the bank is willing to negotiate. If not, I'll leave when the time is up....

Howard, I'm back in CT and back in my duplex. Boston is not for me and the rents were outrageous. I decided against going forward with the short sale and am allowing the proceeding of foreclosure, with the hope of the lender working something out with me. Their own appraiser (after they sent out 3 separate appraisers) only appraised the property at $181K. The state of CT has mediators that assist property owners in my situation so I am hopeful they will be able to help when it gets closer to going to mediation with the bank. 

Joe, the lawyer that handled my bankruptcy advised against reaffirming the debt with the lender which was the best advice I could have followed and did. Neither the lender or my history appear on my credit report any longer because it wasn't reaffirmed, so it will never appear on my credit report. I have nothing to lose by riding out the foreclosure process and hoping I can work something out with the bank.

Shaun, thanks for providing so much info! I will avoid Dorchester. I'm working at 10 Brookline Place in Brookline Village, so I'm open to anything either within walking distance or either the bus or metro that gets me close to there. I have been taking the green line from Cleveland Park, but there is nothing here. I spent the afternoon yesterday in Coolidge Corner which I really enjoyed. Everything is there and it seems like a middle class neighborhood. I'm trying to avoid the "college towns". Maybe Medford or Malden are options for me, but the parking is outrageous, so I'd rather be on a metro line and not fight the traffic. You were wonderful sending all that detail! Nancy

Hi Mike, yes I will speak to them as the students for the school I work for also need to secure housing. I will also check craigslist, but of course am a bit hesitant about going that route. I'll just be careful if I do, as I'm alone here in Boston.

I'd love to rental that Brookline Village condo that keeps popping up in our discussions, but it's obviously for sale rather than for rent, but it sounds nice and right in the range I'm looking for. Maybe I'll check and see if that complex has any rents available or call the listing agent who is in our group about it. Thanks for your advice!

Nancy

Thanks Shaun,

I may call one of our fellow members in the area. I transferred up here for a job, but the rents are killing me. I'm sub-leasing in Cleveland Park. I was recommended to try to find a place in Roslindale, Jamaica Plains, Medford, Malden or Dorchester to get something within my budget. I don't know whether they are safe neighborhoods or not, but I can check on-line. I'd really like to find someone that knows the area well so they can give me some insight on all this since I came from "suburbia" CT.

My fellow owners/investors in the area of Brookline Village or Coolidge Corner area of Boston - what is the best way to locate rentals without having to go through a realtor for apartment rentals in that area?

$2214, yes it does include the taxes and even my interest rate is pretty good, so technically I can cover the mortgage payment if I was to rent out both sides. It needs cosmetic updates the kitchens and bathroom, both driveways need to be redone and even though the roof is in good shape, I would imagine that would need to be reshingled within the next 10 years. I know I could get even more money than I currently get and even make several hundred more dollars if the cosmetic updates were done. I'm just not up to it.

Yes, in CT. there are a number of rents at higher end apartment complexes around, that have access only through hallways and small "decks" with 2 bedroom units that go for $1350. I have been charging $1175 and know that I could have gone to $1300 because of the 3 bedrooms, but the kitchen isn't "modern". I felt $1175 was a good number and never had a problem renting it. In fact I had many people applying and my tenants seem to stay for long periods. They have access to the yard and its like they are living in their own house. I rented the place myself before I bought it and never wanted to move out.

One other item to add - because I have basically kept my credit clean before and after the bankruptcy. I just ran into the unfortunate circumstances of being unexpectedly laid off and the best offer was from a school in Brookline, MA, which I accepted.

I bought the duplex in 2005 from the person I was renting it from since 1999, and am underwater by 30K, so when I crunched the numbers, it didn't make sense to keep it at my age (57). I would be in my mid to late 60's before what I owe might be closer to the value.

Because of having good credit even with the bankruptcy, I was easily able to quickly obtain a short term rental in Brighton, MA through an agent until I locate a property with a yearly lease. I will be working in Brookline, MA, so if anyone has an upcoming rental available in a nice, safe area around Brookline coming up around the dates of 7/1/14 (it doesn't need to be specifically on that date), I would really appreciate talking to you!

Nancy

Thank you for your very fast reply! I always paid the mortgage on time both before the bankruptcy as well as after. Because of the job offer, I am just not going to pay the 4/1/14 mortgage payment, which isn't being reported on my credit report anyway, because the mortgage is listed as "discharged" in bankruptcy. The bank said as long as I make my payments timely, I am fine, so I have always made them timely, by depleting my 401k plan.

Your point about whether the bank decides to accept a short sale is well taken. My attorney had mentioned this as well. The bank may want documentation of my income, which is only the rental income at this point. My new job doesn't start until the end of April.

Regarding the deed in lieu, he recommended against this. I have maintained the property and I think it would sell fairly quickly. The rents in the area are higher than what I have been charging, so it is a money-making opportunity for either an investor or someone that wants to do the same as what I did (live in 1/2). It really is a nice duplex - just needs some cosmetic updates.

Regarding the tenants, I have a clause in the lease that either party can decide not to renew when the lease is up, so if the property doesn't sell by June, I can put them on a month-to-month.

Does this provide any additional information for your recommendations?

Nancy