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bought my home last june we did a bridge loan on our other home it still hasn't sold now they want money what

meredith h - 2008-06-12 19:30:15 - Renting Real Estate

can I do so my home doesn't foreclose?

Best Answer:

We may need more info on the amounts and what is due now, etc. If you need to sell to get money for some sort of balloon payment, just sell the place as fast as you can for the best price you can afford. Explain the situation to the bank and hopefully they will wait (last thing they want it yet another foreclosure, but there will be limits to waht they will wait). Best luck, you picked the worst possible time to have to sell a house, but no sense worrying over that now.

Answers:

Rent it out.

We may need more info on the amounts and what is due now, etc. If you need to sell to get money for some sort of balloon payment, just sell the place as fast as you can for the best price you can afford. Explain the situation to the bank and hopefully they will wait (last thing they want it yet another foreclosure, but there will be limits to waht they will wait). Best luck, you picked the worst possible time to have to sell a house, but no sense worrying over that now.

Who in the world talked you into doing a bridge loan? I always talk my customer out of it!

I agree with the other guy, the only option now is to rent it out.

The Winning Combination: Best Priced Best Condition COMBINED will Sell First Everytime. That Simple! So: Research your comps--solds the competition--actives be at least 2%-5% less priced than all the competition out there. Be the next to sell!! Go over all the showings, feedback, any offers? What are the issues you can fix? (leaky basement, stinky carpet) --Fix them! What are the issues you cannot fix? (junky neighborhood, awkward floorplan, too small)--nothing a little price wont fix! Fix up (best condition) Lower the price (best price) of your home--payoff the first mortgage with the sale of your competitively priced home. Payoff (hopefully) most of the bridge loan with the sale of your home--and then transfer the rest of the lien over to your new home. Ask the lender rep and the agent (if they talked you into the bridge loan) if they will reduce their cuts to make this happen when you get an offer. If you did this all on your own, you bring that money to the table.