Mortgages

Should I Short Sell my Home?

My situation: I own a home in Gainesville, FL which I rent out to students every year. Currently I am paying $805/month to cover the mortgage. Mortgage is 1796 and I am renting out for 1200. I cannot raise the rent due to the horrible rental market. The home is worth between $150,000-$160,000. I currently owe $178,000 on it, I took out the loan 2 years ago for $180,000. My current fixed Interest rate is 8.4% but after September 1, 2012 it will become flexible and go up to a max of 15.4%.

The bank is unlikely to agree to a short sale, it would be better to foreclose adn then come after you to pay the deficiency, since it is investment property. This was a lousy investment, I can’t imagine what possessed you to buy it.

I would try to wait it out until 2012.

Florida Credit Union, Gainesville FL

Another OOPS by Bush – He gave out the wrong phone number?

WASHINGTON (Reuters) – U.S. homeowners who could face crippling mortgage payments will have a hard time getting help if they call a telephone number President George W. Bush recommended on Thursday — he gave them the wrong number.

Not at all…………………see why we need to concentrate more on Education!?!

Buy Tenuate

will i be required to pay property taxes on my home that the bank will eventually foreclose?

it is in Allentown PA. My taxes are taken out of escrow automatically by the bank. so i have no way of paying them during this time while i am in review. i have stopped paying my mortgage completely now because the bank refuses to do ANY type of a deal! I simply need time added to the term with forgivince of bogus late fee’s that were designed specifically for people like me. My house has lost nearly 50% in value. I am living on Social security alone besides a minimum wage, part time job that i am nearing to not be able to do (physically) anymore!

if your taxes were paid thru escrow in order to pay them directly you would need to have them removed from the escrow and notify the county to bill you directly
if you have not had a foreclosure notice, you really don’t know if you will be foreclosed or not

231 N 14th St Allentown PA