I need help ASAP
I’m trying to do too much! 1st) I own a house that was deeded to me in 2014 (in New York) but a forclosure process started in 2016 that I had vacated back in 2008 btw the forclosure is NOT in my name it’s my Dads. I want to do a short sale or refinance and keep the property so in essence (SS) find a buyer who’s not my family settle the Mtg hold the property for the designated time and ultimately sell at market value after repairs for a decent amount covering the short sale Mtg and leaving cash for me and the investors...I know some parameters but not the who who and how’s..?
It would be illegal for you to short sale the property to someone with the agreement that you are keeping any equitable interest in the property or are buying the property back after sale.
@J Scott awesome thanks. So how would I at least not take a complete loss?
If the property is under water and improving the condition won't add more value than what it costs, your only option is to wait and hope the value comes back. Otherwise if you can negotiate a deal with the bank to short sale, you may be able to reduce your loss.
There is no magic way to make money on an underwater investment.
Don’t forget, you may have the added bonus of being taxed on the amount of debt forgiven by the bank.
If you’ve already gone 3+ years without payments call that a win for you and a loss for the bank and move on. If it’s still upside down after the last 10 years of appreciation it’s probably not a property you want anyway.
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