I have some land I want to foreclose on simply because it will put a strain on my budget after I buy a home. I've tried selling it but I don't think my broker is trying hard enough and I don't know who to turn to to sell. Originally I purchased the land 3 years ago simply for investment purposes. I was young and naive and didn't know better. Now that I'm buying a home I'll be paying two mortgages if I keep it. If anyone has foreclosed what advice can you give? If not what other options do I have where I won't have to make the payments monthly? thanks.
it's going to have a very negative impact on your credit rating...and on the interest rate for your new mortgage. try to sell it. keep trying.
is the property in texas? try your hardest to sell it or check if assignment is possible?you'll be out what you paid, but won't have a foreclosure in your name. I work with a couple of investors in the houston area, so respond if you're interested.by all means, avoid foreclosure.
Try your very best to sell it, if not work out, you better get the house loan before you foreclose it, otherwise, be ready to pay 10% interest.
If its seller financed, go to the seller and see if you can negotiate the payment or a buyout. Also, check to see if you personally guaranteed the debt. If you did, even if you get foreclosed on, they can come after you for the balance of the debt.
The property is in Lone oak Texas. here's the link:The villages at Lone Oak Here's some other info on it Info on Villages of Lone Oak Cybergolf article: Cybergolf article on Villages of Lone Oak Anyways I've paid more than $20,000 total on 2 lots. 1 valued at $27,000 and another for $49,000. let me know what yall think
If you stop making the mortgage payments, it will hit your credit and make it more difficult to buy a house. Also, the fact that you already have an existing mortgage will hurt your debt to income ratio. This will make it more difficult to buy a house. The smart thing to do is to try to sell it, even if you sell it just for what you owe on it. If you stop making the payments, the mortgage company will eventually post you for foreclosure. Then you will get letters from people like me (bankruptcy lawyers).
I thought this sounded familiar: http://bbs.clutchfans.net/showthread.php?p=2713249#post2713249 Hang in there dude............foreclosure is not something to do by choice, and vacation type property will appreciate as long as SOMEONE is building there. Do you know if they ever started on the golf course, or is the place still a bunch of unpaved roads?
I don't have a mortgage payment at this time, just the land payment (it seems like a mortgage payment). What do bankruptcy lawyers do by the way? and what kind of letters will I be expecting? Oh and as far as development they already have some of the golf holes ready for play as well as plumbing set up. There is pavement but I'm not sure to what extent. I can build my house already if I wanted.I can play golf for free since I own land but it's too far to go play a round of golf. They say it's a possibility the PGA will run thru there.
Like what was said before. Try your best to sell it. If you're really desperate, lower the price or consider assignment. In investments you win some and you lose some. It will be tough to get a loan if you end up going through foreclosure and you don't want that on your records. How much are you selling the land for?
I have a client who bought some lots in a development with all sorts of promises made about beautiful golf courses and clubhouses. He can't give the property away right now. He's begged the county to foreclose on the property for back taxes...still hasn't happened. It's been years. Not trying to be Debbie Downer...but whatever you can do to sell is a good thing.
Bankruptcy lawyers help you file bankruptcy when you can't meet your obligations as they become due. The letters they send you will be solicitations for your business...they want you to hire them. I'm not sure you're in that sort of situation. Doesn't sound like it.
You are going about this the wrong way. At least sell the property at your cost. It sounds like the property value, might go up soon, as development progresses. Keep in mind that this is also a tax deduction. Refinance if you have to, but don't forclose. There is no guarantee that you won't still have to pay during that statute of limitations thing. Hang in there. If you don't mind my asking, have you already decided on the price of the new house before this was decided on or are you still shopping for a new house. If the latter, try holding off for a little while.
I'm checking with some of my Dallas relatives as well. Can you tell us what lot numbers they are and in which section (village)? Do you know your payoff amounts for each loan?
