Mortgage/Financial advice.

[Duey]

Zilllow recent sales -
4.54 acres - $7K
https://www.zillow.com/homes/for_sal...zm/0_mmm/1_rs/

27 acres - $70K
https://www.zillow.com/homes/for_sal...zm/0_mmm/1_rs/

Run Far Run Fast ...

[Valenciawatchrepair]

Originally Posted by Carrera911

Would you be able to share more information about the property (address, pictures) ?
I'd be happy to get them into my inbox if you are uncomfortable with advertising it here.

Originally Posted by Duey

Zilllow recent sales -
4.54 acres - $7K
https://www.zillow.com/homes/for_sal...zm/0_mmm/1_rs/

27 acres - $70K
https://www.zillow.com/homes/for_sal...zm/0_mmm/1_rs/

Run Far Run Fast ...

Those properties are way out. Not paved road. My property isn't as back woods as that. lol

https://www.realtor.com/realestatean...8_M50369-96526

Not sure if property appraiser will direct link
https://qpublic.schneidercorp.com/Ap...0-00-2548-0000

[CamSLC]

You aren't that under water on it. I was assuming it was only worth what you paid for the land. Could you lease it to other people who own their own trailers? Maybe 1 trailer per acre?

[Wesley Crusher]

Originally Posted by datejustrms

I would buy the deadbeat tenant out (so he doesn't trash the place) and move into the trailer. I would stay there until you can show 2 years of self employment income and hope you're credit scores improve. Then I would try to sell it and hopefully you'll be able to obtain financing for something else at that time. Good luck!

Agreed.

I am in mortgage (not in originations, but I work alongside originations) and getting a loan when you're self employed can be tough. With a bad credit score, it's a double whammy.

There are banks/lenders who will give a loan for manufactured housing (we don't), but there may be some strict guidelines. A 95 model may be too old.

[Valenciawatchrepair]

I talked to a guy I met that needed Rolex service. Turns out he's into real estate too. He mentioned something about them proving the title. I guess something like this? https://lancewiggs.com/2008/07/28/if...u-are-in-luck/

Anyone here have experience with this?

[Valenciawatchrepair]

Oh wow. I get a phone call this morning from the guy living in the trailer. Floor is falling through. This thing is a nightmare.

[MonBK]

Originally Posted by Valenciawatchrepair

Oh wow. I get a phone call this morning from the guy living in the trailer. Floor is falling through. This thing is a nightmare.

Raise his rent due to an improved ventilation system!

[Valenciawatchrepair]

Originally Posted by MonBK

Raise his rent due to an improved ventilation system!

BWahaha. Staying positive I see? lol. I'm owner financing.

[Watchflair]

Am I crazy - this seems like an easy solution:

It's seller/owner financed - I would tell them you are done with the property and they are beat. I doubt they will go through the expense and legal hassle of taking you to court over it.

Mail them the keys and be done with it.



Why are you still dealing with this issue? Just be done with it already. You have an easy out.

[Watchflair]

Also I read the original post again and you said your credit is wrecked - so why not just add this to the pile and move on.

[Valenciawatchrepair]

Originally Posted by Watchflair

Am I crazy - this seems like an easy solution:

It's seller/owner financed - I would tell them you are done with the property and they are beat. I doubt they will go through the expense and legal hassle of taking you to court over it.

Mail them the keys and be done with it.



Why are you still dealing with this issue? Just be done with it already. You have an easy out.

So let it go back to the mortgage company and mail the keys to them? While I still have the person living in it?

[Valenciawatchrepair]

I'm in contact with the company. Possibly will accept a negotiated payoff amount. Think it's worth it? I owe $40,000. Wondering if they would accept half? It's 5 acres. Paved road. Well and Septic. Or should I just dump the whole thing lol

[christianj]

Originally Posted by CamSLC

I have an old friend who had a home he was over extended in back in 2010 (1mm+). At the same time he took a large pay cut at work. To keep it, he was juggling 5-6 roommates at a time. He decided it was worth the freedom to short sale his residence and move into a basement at a friends. Fast forward 6 years later and he is married, has a great job with two little ones and a new beautiful home. He has mentioned it was a great choice for him to get out from under the pressure of his debts and credits that to his current professional success. It liberated him to move on with his life.

At the risk of getting flamed, he shouldn't have over extended himself in the first place and bought a $1MM+house he couldn't afford without a backup plan. Lots of situations like this when the market crashed and they should have known better. I personally saw one in my neighborhood in MD...couple buys houses they likely couldn't afford and then things got tough. They thought they could afford the house due to the rates and deals they were getting but then they didn't calculate in the yard crews they hired weekly and all the other expenses. When things got tough they stopped the yard crews but were too darn lazy to get out and mow the grass themselves. A couple of months later the house went into foreclosure. Guess I was always raised to buy what I could afford and not end up sticking the bank/lender with my problem.

As for the OP, I think he is doing the right thing by trying to find a solution instead of just walking away. Sure that is the easy thing to do and probably the least expensive but is it the "right" thing to do.

[Watchflair]

Originally Posted by Valenciawatchrepair

So let it go back to the mortgage company and mail the keys to them? While I still have the person living in it?

Absolutely! You said it was owner financed- so is there a mortgage company or just a private person financing it?

The person living in it will live rent free until it gets sorted out - win win.

[Valenciawatchrepair]

Originally Posted by Watchflair

Absolutely! You said it was owner financed- so is there a mortgage company or just a private person financing it?

The person living in it will live rent free until it gets sorted out - win win.

I own the property. With a mortgage. Company currently is Select Portfolio. Has been transferred quite a few times. Guy living there is currently late AGAIN and now called me this morning with sub floor problems. Not really my problemo since this is not a rental situation. But if he leaves I'm stuck paying. Although, it doesn't matter because he's 16 days late, and last month he was almost 30 days late.

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[Abdullah71601]

Originally Posted by Valenciawatchrepair

I'm in contact with the company. Possibly will accept a negotiated payoff amount. Think it's worth it? I owe $40,000. Wondering if they would accept half? It's 5 acres. Paved road. Well and Septic. Or should I just dump the whole thing lol

Negotiate a reasonable settlement that you can afford if they are willing.

[77T]

Just my idea here - and sorry for your predicament

If you can’t afford to keep up a negative cash flow on the property, write that off against income taxes, then have the trailer condemned.

I know this sounds crazy, but I’m sure you have it insured. The tenant has done something to cause the structural failure of the subfloor. The zoning/building dept for that County can condemn it as unsafe.

File your insurance claim for reimbursement - turn the check over to the mortgage service company and sell the land at auction on courthouse steps.

Sometimes you must bite the bullet, cut your losses, and start over.


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[Valenciawatchrepair]

Don't if anyone feels like discussing this again. But, this property was affected by hurricane Michael. Just got off the phone with the insurance company and the mobile home is a total loss. They're writing me a check for $16,000

My question is, considering the mortgage as discussed in the first post, what is the best thing to do with the $16K?? Remove the old home, put something else, rent again, etc. Or take the cash and try to sell the vacant land. That would also leave me with a close to $40K mortgage to deal with as well. Just trying to get ideas on what's the best course to take.

[sokoloka]

Originally Posted by Valenciawatchrepair

Don't if anyone feels like discussing this again. But, this property was affected by hurricane Michael. Just got off the phone with the insurance company and the mobile home is a total loss. They're writing me a check for $16,000

My question is, considering the mortgage as discussed in the first post, what is the best thing to do with the $16K?? Remove the old home, put something else, rent again, etc. Or take the cash and try to sell the vacant land. That would also leave me with a close to $40K mortgage to deal with as well. Just trying to get ideas on what's the best course to take.

Take the check, remove the home from the property. Throw whatever is left of the $16k after the removal towards the mortgage as PRINCIPAL. Sell the vacant land.

[winst]

Last post was over 2 years ago Tim, if he’s not sorted it by now I’d be surprised.

OP - What happened in the end OP, did you manage to do a deal on the Mortgage or what?

[crew]

Originally Posted by winst

Last post was over 2 years ago Tim, if he’s not sorted it by now I’d be surprised.

OP - What happened in the end OP, did you manage to do a deal on the Mortgage or what?

OP is now listed as “Banned” on TRF. We won’t be getting any updates from him.

[daveathall]

This looks like "The thread of the banned." Lol.