newbie from Atlanta: Needs Exit Strategy on Duped Deal

[Tess Vismale]

Greetings,

I am a newbie and I wanted to see if anyone had any suggestions on how to get out of the deal I made. My loan is with New Century.

Last year I purchased a house through a supposed "mentor" for 198k with a Section 8 tenant. I get $700 total, and the mortgage difference is $1,100. I need to sell it because I can't afford the mortgage. The 36k I got back I ued to pay the mortgage. No repairs have been done to the 1950's house.

The appraisal was grossly inflated. It shoudl have been for 165k.

The tenant wants her boyfriend to buy it. He can possibly qualify for 95k-100k.

Now the market in the area has mostly foreclosures selling at 85k-95k. Some are for sale @ 145k.

I thought of a lease purchase but @ what price and how much down? At this point I can't afford to pay 98k out right to get rid of it.