 my forclosing? (by Lincoln [NJ]) Apr 18, 2010 10:16 PM
 my forclosing? (by Chris [CA]) Apr 18, 2010 11:21 PM
my forclosing? (by Reid [KS]) Apr 18, 2010 11:55 PM
my forclosing? (by Don [MO]) Apr 19, 2010 4:11 AM
my forclosing? (by Lincoln [NJ]) Apr 19, 2010 4:25 AM
my forclosing? (by Roy [AL]) Apr 19, 2010 4:52 AM
my forclosing? (by Jason PA [PA]) Apr 19, 2010 4:57 AM
my forclosing? (by Lincoln [NJ]) Apr 19, 2010 5:02 AM
my forclosing? (by Chris [CA]) Apr 19, 2010 6:08 AM
my forclosing? (by Rose [CA]) Apr 19, 2010 6:30 AM
my forclosing? (by Jeromy [NJ]) Apr 19, 2010 8:34 AM
my forclosing? (by Lincoln [NJ]) Apr 19, 2010 10:11 AM
my forclosing? (by Lincoln [NJ]) Posted on: Apr 18, 2010 10:16 PM
Message:
State Specific Question About: forclosing (NJ)
With few tenants, higher costs, and losses-despite the better condition of my 6 apt building (and green card on the way), better than before neighborhood...we can't take it, want to be out fo the country, and want to know the best way to sell it really low (must cover costs and mortgage of course)or whether we just let it go in some way. IT would be nice to keep our credit rating. We don't live there, and it seems that we must enter the forclosing category before we can get help.
So people kind and blunt, what would you suggest? Anyone intersted, by the way...it can earn a 10% or better return if you fill it. --186.4.xx.xx |
my forclosing? (by Chris [CA]) Posted on: Apr 18, 2010 11:21 PM
Message:
In my book, NJ is the very worst state to be a LL in. Extreme local rules and property taxes.
When did you purchase the 6-plex? What are the numbers? you should prepare a fact sheet, which you can e-mail to bankers, agents or investors.
psychologically, you have had enough? --125.25.xxx.xx |
my forclosing? (by Reid [KS]) Posted on: Apr 18, 2010 11:55 PM
Message:
Go to Dave Ramsey's web site . Find one of his Endorsed Local real estate Providers in your area and get them to help you sell the place. --70.248.xxx.xxx |
my forclosing? (by Don [MO]) Posted on: Apr 19, 2010 4:11 AM
Message:
my forclosing? (by Lincoln [NJ]) Posted on: Apr 19, 2010 4:25 AM
Message:
Yes, a little Psychological on one of our's parts. But really since I am not living locally, management and maintanance cannot be done easily, nor are we able to keep loosing more than we spend- due to the agreement with ourselves about the standard we keep for accepting the applicants we recieve.
Yes, keep weighing in on this please, friends. --186.4.xx.xx |
my forclosing? (by Roy [AL]) Posted on: Apr 19, 2010 4:52 AM
Message:
I wish this 6-unit was in my buying area. I would want to look at it. --76.18.xxx.xxx |
my forclosing? (by Jason PA [PA]) Posted on: Apr 19, 2010 4:57 AM
Message:
Have you at least talked to some relators out there to get a valuation? --98.111.xxx.xxx |
my forclosing? (by Lincoln [NJ]) Posted on: Apr 19, 2010 5:02 AM
Message:
I have listed with 2 over the last 12 months. No, due to commercial loan, non-assumability and no due to we not wanting a wrap-around or other 'interesting' arrangements. There is interest from a couple of commercial investors, but they need it filled, and see my original for the reason that has not been working for us. Thanks. I have 2 sheets ready to e-mail: tax like building report of 2009, and description. I pray for someone to come along, but also know that I have taken pride in self repairing most of this with very little spent, and HE knows deep down I wanted to keep it for the market's slow turn around, and try to recover the $ I stand to loose. --186.4.xx.xx |
my forclosing? (by Chris [CA]) Posted on: Apr 19, 2010 6:08 AM
Message:
Sometimes were are very afraid for no reason and then encounter harm in unexpected ways. The bank knows the loan and your payments' history. You defaulting won't make this loan any more profitable. So - a property should pass from weak into strong hands.
There is no going back when you default - and I keep hearing conflicting stories! It would be a shame, to destroy everything only to walk away... --125.25.xxx.xxx |
my forclosing? (by Rose [CA]) Posted on: Apr 19, 2010 6:30 AM
Message:
If you are losing money and the mortgage is more then its value I would Short Sale/or let it go back to the bank. If there ever was a time to do it is now, especially in CA.
If you keep pouring money down a hole it will get you nothing but in worse shape a year from now. CA., at least in Northern CA. the foreclosures continue and the values are still going down.
I would speak to a Bankruptcy Attorney just to find out how to protect yourself from getting a 1099 from the bank. Don't count on a Real Estate Agent to protect they are only interested in their commission. --74.42.xxx.xx |
my forclosing? (by Jeromy [NJ]) Posted on: Apr 19, 2010 8:34 AM
Message:
Where is your apt located in NJ ? --98.110.xx.xxx |
my forclosing? (by Lincoln [NJ]) Posted on: Apr 19, 2010 10:11 AM
Message:
It is located in Paterson, NJ between Clinton & Jefferson the zip is 07522 --98.116.xx.xxx |
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