Stay, walk or run from current home situation.?
Chapt. 7 discharged my obligation to 1st and heloc. 1st = $293,000; heloc = $65,000. Value in normal times = $400,000. Guessing todays value @ $350,000.Tax val = $291,000. Home in good area, metro NC. home needs new roof and several repairs & updates ($25,000 +) Trying to get loan mod, but has been a nightmare and frustrating so far. If can get threshold to 31% income would wipe out heloc & 1st would remain about tax value. I still have the repairs to deal with and not enough funds to do. So, since I can walk or run without recourse, need opinion whether I should try to arrange a short sale to a friend at below tax value, continue to try loan mod. option or other.I’m sure the bank (Fannie Mae and Chase) don’t want the expense of foreclosure Open to ideas. Thanks.
Your planned short sale to a friend is the obvious answer, but the short sale value would have to be approved by the lender, not the property valuation (tax man). If that doesn’t work out, you might consider a deed in lieu of foreclosure to avoid the added expenses associated with a foreclosure.
John Beck Tax Sales, Tax Liens & Tax Foreclosure Real Estate System
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