All Forum Posts by: Devan R.

It's a new develop and we have a contract on the house. 26 homes will be in subdivision. Other homes are currently under construction on the site as well.

My wife and I are building a home. We had been going to the site and seeing the property without no problems. We were instructed last weekend that we need to schedule an appointment to view the home since construction may cause safety hazards.

I requested to make a weekly appointment to see the home. Builder replied they can't make accommodations for us to see it weekly. They indicated we could see it this weekend and in a few weeks once the home is more advanced.

I can understand where builder is coming from but I'm concerned from a buyer stand point. What if we have questions at different phases but limited on seeing property?

What is customary on frequency of visits in situations like this?

I have not spoke to a lender about modification. Concerned as this might affect wife credit score and our income may exempt us from medication. Considering we are building a home and have another rental plus we can afford to make the $1200 mortgage in house that's upside down with tenants but would get a little tight without tenants.

Thanks for tip on profit - certainly know we wouldn't profit $500 monthly - was just a dollar figure threw out we would gross before fixtures and possible vacancies.

Mary - you mentioned a deed in lieu - can you further explain.

I'm guessing we should do this after we move into new home. You're correct we do want to keep home. (Wife doesn't want to mess up her good credit) Just don't want to be so upside down and affecting our net worth. We have another rental and it's been doing well so far. This month made 4 years since its been a rental.

A medication is a good idea but that will mess up the wife credit correct? I'm not sure if we would qualify for modification however. Our income is pretty good.

Thanks for the tidbits. I now no I can't do this. I had a conversation with someone this evening and they mentioned this as a possibility. Good to know this isn't allowed. Plan B right now would be to rent it out. Even though we're $58K under water we can make about $500 a month (mortgage $1200 - can rent in this area for $1700).

Are there any other possibilities of getting this from under us? Even if we short sold we would be responsible to report cancellation of debt income on our taxes.

Just doing some soul searching. I'm new to BP and loving the feedback

My wife purchased a townhome in 2006 at the height of the market. She paid $180k for the property. Today its worth $89k according to Zillow. We owe $147k on this property. We did some renovations 2 years ago totally redoing the kitchen and a bathroom. The last townhome in the neighborhood sold for $40k.

We are building a new home and expected to move in this summer (June). Our plan was to rent out the townhome for years until we could break even on the home. I was speaking with someone earlier today and they mentioned my wife could possibly short sale the property to me or a family member. My name is not on the property, can my wife short sale the home to me? If so, we would eagerly approach that idea.

Thanks in advance.