HELP! - Posted by YS

Real Estate Investing
1

Posted by Brad on November 22, 2000 at 13:32:34:

If you have your health and you found this place you have alot to be thankful for! There is alot of help here. If you don’t get any idea’s read everything on the site and post again, someone will have an idea.Keep the faith! Brad

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HELP! - Posted by YS

Posted by YS on November 22, 2000 at 12:03:34:

Own two homes:

Home 1: worth: 300k, current balance:268k, owned for: 10 months
Home 2: woth: 57k, current balance: 52k owned for: 2 years

I live in the first home and leasing the second. Spouse was out of work for 4 months and is now employed again as of 11/1. We’re late on everything, I mean everything inclduing mortgages, car note, utitilities. On December 1st will be 3 months behind on both mortgages. Any way to get equity out of these to get caught up. Neither one of us is sleeping and HAVE NO IDEA WHAT TO DO NOW and would appreciate advice from ANYONE!!!

Thanks. I need to wish everyone a great Thanksgiving because I almost certainly can’t.

3

Re: HELP! - Posted by dewCO

Posted by dewCO on November 22, 2000 at 22:22:43:

Tough time to get answers, when most are probably otherwise occupied. Have you checked to see if the lender will “work something out with you” now that your situation has stabilized? Are there assistance programs to keep you out of forclosure, at least on the house you live in.

Ralistically it’s probably too hard to get equity out of #1 (you don’t really have any in #2) now that you have current mortgage lates, unless you find a private party to assist. But, like I said, if you’ve had good on time payments the lender may roll the arrears into the loan, and let you continue on — as long as you don’t have future problems. Got to ask to find out. Need to make a strong case for you. If #2 has negative cash flow, you might consider dumping it, if you’re still shaky at all. Don’t let it drag you down. There are many creative ways to buy with positive cash flow.

4

Re: HELP! - Posted by BillW.

Posted by BillW. on November 22, 2000 at 15:42:06:

help ideas:

  1. Sell house 1. Take 10-15K down. Put into a landtrust or PACtrust and let buyer assume. Let buyer make up back payments. Move into house 2 until situation stabelizes.
  2. Sell house 2. Put into landtrust or PACtrust and let buyer assume. Let buyer make up backpayments and walk away. Call lender on house one and make a deal to catch up back payments.
  3. Take on an equity partner for house 1. Stay in house 1 and keep house 2 as well. Equity partner makes up all back payments on both houses and gets 1/2 share in house 1.
  4. Sell car. Buy cheaper car with no payments until you get straightened out. Contact lenders, utilities, etc., and negotiate payments for money due.
    Whatever, it’s very important to contact creditors and let them know what’s going on. Not doing this will cause problems . I’m sure others here on the site will have many more ideas.
    BillW.