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Old 02-24-2010, 02:51 PM
 
1 posts, read 2,137 times
Reputation: 10

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I had two rentals that I got for income when I retire. This was 12 years ago and I always about broke even but lived in hope the properties would appreciate.
My best tenent purchased a foreclosed home and the other is on a fixed income and could never pay enought to cover expenses.
I have a condo that I planed to sell at retirement time ( next year) and buy a place for from town that I work in.
I have tried everything I can think of to release the rentals except. I don't have the money to payoff the rentals or my condo.
I have had great credit for 40 years and now all I have is my condo and my job and 401K.
Will the lenders take this too?
Thanks
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Old 02-24-2010, 07:17 PM
 
28,460 posts, read 81,066,211 times
Reputation: 18663
Unclear exactly what your situation is BUT I gather that you own THREE pieces of real estate and ALL OF THEM are worth less than they were 12 years ago???

Wow, bad shopping or what?

Are you saying that you have bee unsuccessful in finding tenants too? So now your rentals are vacant?

Have you tried to sell any of this property?

Need more details...
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Old 02-24-2010, 08:27 PM
 
Location: New York
2,251 posts, read 4,731,146 times
Reputation: 1617
Quote:
Originally Posted by 2010samanda View Post
I had two rentals that I got for income when I retire. This was 12 years ago and I always about broke even but lived in hope the properties would appreciate.
My best tenant purchased a foreclosed home and the other is on a fixed income and could never pay enough to cover expenses.
I have a condo that I planed to sell at retirement time ( next year) and buy a place for from town that I work in.
I have tried everything I can think of to release the rentals except. I don't have the money to payoff the rentals or my condo.
I have had great credit for 40 years and now all I have is my condo and my job and 401K.
Will the lenders take this too?
Thanks

Agree with Chet - more information needed, basically what are you looking to do? You have good credit for 40 years and now all you have is your condo, your job and 401K, plus your rental property.

You have a two family propriety - one tenant moved out buying a home, and the other is making a small rent based on her fixed income. You have owned for 12 years. You have looked into letting the rental property go because you now can't afford the payments on both your condo and investment properties?

Analyzing your situation - you are looking for an easier way to live?

Had a similar situation with a lady in Florida. She sold her home and moved into one of her rental property's. She did a deed in lieu and was released from her mortgage.

Your condo, that you were looking to sell next year when you retire. Maybe do that sooner then later.

I speak to people in 41 states - seeing home value is starting to come back in many areas, . This is because there are less foreclosures. When a home is foreclosed upon, it affects the value of all the homes in neighborhood. Adversely when a home is purchased - this supports the value of homes in the neighborhood.

What is the value of your rental property, and condo?

With the value returning - it might be advisable to hold on to your property's, so you will sell at a higher profit later.

Don't understand why you are asking - will the lenders take this too? What are your existing loan terms? Do you have a high interest rate that you were looking to refinance into a lower payment? Possible stretching out the loan into a longer term?

Owning your property's for 12 years, I bet you have equity. Due to your age approaching retirement. Down the road possibly look into a reverse mortgage, taking cash out and not having a payment for the rest of your life.....

Again what are you looking to do???


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