Posted by Michael Morrongiello on October 25, 2000 at 16:50:32:
You have roughly 77% Combined loans versus the $150K value in debt owed against this home. If your credit is OK and you have owned this property for a while, you should easily be able to place a refinanced loan on this property as an investment property up to 80% LTV or around $120K.
Now, the question you want to ask yourself is this; Do I want to become a landlord and deal with tennants and toilets, etc. while I rent this home?
Perhaps it makes sense to attempt again to market the home for sale to an owner occupied buyer who will purchase and live in the home. The twist that I would consider this time around is to market the home for sale with OWNER FINANCING. This will enable you to get TOP dollar, sell FAST, and then with the right structured to the note and sale terms, still be in a position to convert that owner financed “paper” into cash therby paying off all underlying liens.