Upside Down In Loan Situation to About $63,464

[Marc Tolbert]

I had a home owner contact me today about a 4 bed, 2 bath, 1680 sqft home that he is currently renting to long term renters for $1000/month. The location is Merritt Island, FL. The issue is that the home has an upside down home loan balance of $200,000. Totalview has a value estimate of $136,536 and Zillow has an estimate of $120K. The owner desires that the long term renters be allowed to continue to rent. So based on this basic information is there any kind of wholesale deal, etc that might fit this situation?

[Wayne Brooks]

There is no deal here. The PITI alone is more than the gross rent, and that far under water there is no practical appreciation play. Advise the owner to try a short sale, with an experienced short sale agent.