Upside down in my mortgage, want out!?
Refinanced the house a year ago, appraised value was 319K. Took out a 5/1 I/O Arm at 5.75% and now the home is only worth 210K, (florida market coming off from hyperinflation). I now need to move into a larger home due to our family getting larger. My credit is strong, and have never missed a payment.
Realtors talk about short sales, not applicable to me since I only have one loan. Bankruptcy is not an option, I make to much money, no-one wants to trade up for an overpriced condo. Thought about seller held second side deal and use the funds to offset the hit on the condo. Any suggestions?
Payment is 1300.00 I/O. Cannot get a renter in here for more than $ 1200. Condo fee’s are 300/month and taxes are 300/month. That is a 1900.00/month payment.
I did not put myself into this situation purposly Mrs. Apple. I moved here for work and had to buy high, refinanced to get rid of second loan.
What do you think of this idea? Buy a lot, build a house and have the builder inflate the price by 50,000. He then gives me back the money so I can afford to pay down the difference in my selling and owing price.
Categories: Mortgage Tags: apple, bankruptcy, condo fee, florida market, hyperinflation, Mortgage, much-money, realtors, renter
Are ANY banks willing to refinance a commercial loan?
In spite of having a top notch credit score for two decades, a strong self-employed job for two years next month, a two-income family, and a renter of half our building with the other half being rented in a month or two….I’ve been unable to find any local bank (or even a local “national” bank) willing to refinance so my sis and I can get away from an 8.5 per cent interest mortgage.
HERE’S MY QUESTION: are there ANY banks out there who are less stupid than the ones I’ve gone to and who ARE refinancing and WANT my money??? Can you name them to me? How can I find them without going through ALL the paperwork and time, only to be turned down over and over for one ridiculous reason after another?
PLEASE NOTE: I’m not asking why banks don’t refinance right now. I’ve heard those excuses. I’m just asking if ANY are refinancing commercial loans. lol .
I have no idea what the first answer below is talking about. I didn’t ask if I qualify for a commercial loan. I already HAVE a commercial loan. And getting a “straw buyer” seems like a poor idea. I’m just wanting to know if ANY banks are refinancing commercial loans for low-risk folks like myself, and HOW do I find them??
Categories: Mortgage Tags: commercial loan, commercial loans, credit-score, interest mortgage, local-bank, poor idea, refinancing loans, renter, ridiculous reason, top notch
Invalid Contract
I was renting a room out from someone who was also a renter of that house not the owner. He was subleasing a room to me when he was not suppose to because it was a breach in his contract with the owner of the house. When I moved in, the renter of the house had me sign a contract between us two
Categories: Mortgage Tags: contract, house, landlord-tenant, Money, renter, the-house, the-money, the-renter
Sublessee in illegal subleasing contract wants out! Am I still obligated to pay rent?
I signed a sublease agreement with a tenant in an apartment to stay there from December 2010 through May 2011. The tenant informed me that subleasing was allowed by the apartment complex and I paid rent in the form of a money order directly to the apartment management for December through March. There was a notice on the apartment door stating that renter's insurance was needed for the apartment so I took a copy of my renter's insurance to the management building and told them I was subleasing the apartment.
Categories: Mortgage Tags: Apartment, assign-the-apt, Credit, landlord-tenant, Management, original-tenant, renter, sublease, subleasing, tenant-informed, the-apartment, the-management
overseas renter
We had rented a house in south america from the wrong people. The owners son in law is a lawyer and filed papers with the court, and without notifiying us, came with a bailiff from the court and emptied most of our posessions from the house to be sold.
Categories: Mortgage Tags: bailiff, cleaning lady, finger print, from-the-court, from-the-wrong, illegally, mother-in-law, next home, posessions, reciepts, rent, renter, signed-reciepts, south-america, sure what type
Categories: Mortgage Tags: aunt, black bags, clean-the-house, drugs, four feet, house, junk, kersone heater, landlord-tenant, left behind, left-the-house, Mortgage, neighbor, opinion, rent, renter, sound advice, trash, wanted-as-far, Wood Stove, xxxx
What methods of payment I can require, and can I have a relative evict on my behalf?
I am preparing a lease for a person who will be renting my furnished condo in Massachusetts for 8 months while I’m away doing work for a nonprofit. My worry is that the person might try to squat at the end of the lease term, even though the lease says it’s non renewable and all that
Categories: Mortgage Tags: accept-personal, furnished-condo, handle-evicting, landlord-tenant, lease, nonprofit, paypal, Person, personal-checks, Property, renter, security, the-lease, the-property
Boat Rental damage collection
Our business rents boat to guest staying at our resort/marina.
Categories: Mortgage Tags: boat, damages, location, Property, renter, small claims, took-the-boat
Fence issue who is responsible for damage
My neighbor is a renter. The renter continually damages my landscaping (removing / throwing big gardening stones and running into and fence and trees with his truck. Who is responsible for damages?
Categories: Mortgage Tags: boundary survey, City, city of indianapolis, fence, fences, harrasement, indianapolis, keep-him, landlord, landlord-tenant, landscaping, Property, property boundary, property-line, protective order, renter, setback, survey-done, tenant, throwing-big, truck
Authority of hoa regarding rental units
I live in California and own a condo in Seattle where my daughter has been living while attending college. She is moving out, and we will now be renting the unit to a friend of our daughter's who we have known for 8 years. The HOA says we must provide a screening report consisting of the following: a consumer credit report, an employment record for the last 2 years, rental history for the last 2 years, and a check of public records for criminal convictions, bankruptcy, and unlawful detainer actions
Categories: Mortgage Tags: california, consumer-credit, know-the-reason, public-records, reason, rental-history, renter, the-following