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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Facing foreclosure in San Diego Posted by NATHAN SECOR on August 02, 2006 at 6:18 PM In Reply to: Re: Facing foreclosure in San Diego posted by JK (the other JK) on August 02, 2006 at 3:51 PM : : No signed lease, it was 100% financing, no downpayment. : : when they got the loan in march purchase price was 520k, : : the investor made one payment. May, June, and july have not been made : : The nod gets recorded on aug 12th. : : Property adress is 693 garfield ave el cajon ca 92020 ( vacant) : Unfortunately for you we are going to start seeing more and more posts like this. Though I don't know much about El Cajon, I'm going to assume you are upside down on the house (you owe more than the property is worth). If that is the case, in my opinion, your best options would be to either dunk a tenant in it and hang on for the long term (which of course means making the payments and bringing it current) or go through a realtor who specializes in short sales. Both of these options are better than letting it go to foreclosure. Foreclosure truly is the "Kiss of death" on anyone's credit report. I comped this property using dataquick in the hopes that there was some way to salvage something. The comparable sales are at that price. Meaning, you paid fair market value. At this point my question may be useless, other than an education for others. So, I am wondering if the investor actualy got something up front, say like a commission or cash back at closing. The reason I ask is that the property seems to have been sold to you for fair market price. Not sure of the strategy. Any ways, I am sorry to hear about your situation, and I hope you can get some recourse against the "investor". If your parents have some cash, relist it and pay the difference. Perhaps the lender would take a short sale and carry the balance on another property. Cheaper than bad credit. I wish you well. Follow Ups: Re: Facing foreclosure in San Diego Ron_CA 6:52 PM, 08/03/06 (2) Re: Facing foreclosure in San Diego Buffett 3:51 PM, 08/09/06 (1) Re: Facing foreclosure in San Diego Smarter than Buffett 5:36 AM, 08/13/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : No signed lease, it was 100% financing, no downpayment. : : : when they got the loan in march purchase price was 520k, : : : the investor made one payment. May, June, and july have not been made : : : The nod gets recorded on aug 12th. : : : Property adress is 693 garfield ave el cajon ca 92020 ( vacant) : : Unfortunately for you we are going to start seeing more and more posts like this. Though I don't know much about El Cajon, I'm going to assume you are upside down on the house (you owe more than the property is worth). If that is the case, in my opinion, your best options would be to either dunk a tenant in it and hang on for the long term (which of course means making the payments and bringing it current) or go through a realtor who specializes in short sales. Both of these options are better than letting it go to foreclosure. Foreclosure truly is the "Kiss of death" on anyone's credit report. : : I comped this property using dataquick in the hopes that there was some way to salvage something. The comparable sales are at that price. Meaning, you paid fair market value. At this point my question may be useless, other than an education for others. So, I am wondering if the investor actualy got something up front, say like a commission or cash back at closing. The reason I ask is that the property seems to have been sold to you for fair market price. Not sure of the strategy. Any ways, I am sorry to hear about your situation, and I hope you can get some recourse against the "investor". If your parents have some cash, relist it and pay the difference. Perhaps the lender would take a short sale and carry the balance on another property. Cheaper than bad credit. I wish you well. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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