Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums
edp1959

need some advise

Recommended Posts

Here is my situation. I own a 3 bedroom/2 bath home in North Carolina. The house is in good shape, just needs a few minor repairs and its ready to go. Additional info.: .97 acre lot, full basement, 16 x 32 inground pool. The loan payoff is approx. $123,000 and it's worth $132,000.00. My mortgage is 30 year fixed FHA at 6.87% interest. I am not behind on my payments but it has me financially strapped. I now live in Georgia and have not decided whether to keep this property as investment or sell. Are their any refi options that would make sense to lower my monthly payments until I sold the property or what options would I have in keeping the property for renting? My current middle score is 640 and I have 23 months of no 30 or 30+ days late on my mortgage. Also, because of some things that I have done with my credit I expect this score to be 680+ by 08/01/04. Any help would be appreciated. I look forward to hearing from you.

Share this post


Link to post
Share on other sites

I'll let one of the mortgage folks come by with more detailed and knowledgeable information. But, your current fixed rate is only a slight bit above the going rate. I don't think a refi to a thirty year fixed will be worth it to you, when you factor in the cost of the loan.

Of course, you can always look into some type of adjustable note which might fit your needs nicely.

What is the rental market for your property, versus your monthly payment?

Share this post


Link to post
Share on other sites

If I could guarantee your mtg payment would be made, Pay your taxes, insurance and all of the day to day maintenance of the property, does that sound like something you may be interested in. :angry:

 

Serious if you are making payments on a empty house, I would consider either a straight lease or a l/p. You factor in a re agents fee and you make nothing. To be honest with you being out of state, which is a big factor. You either have to get the right management co. or a well qualified t/b.

 

Selling on a Contract for deed sounds like something that might be worth looking into as well. The main thing is to stop making the double payments..... :(

 

I agree w/ MC on the refi. It sounds like you might pay the same or more.

 

But a little more info on the area would help ie appreciation, average home price, is the house in a sought after area, how you came up with the FMV, what type of market your in, rental rates, ect.,ect,.

 

40 point jump in credit good job......

Share this post


Link to post
Share on other sites

×
×
  • Create New...