Comments on: Should You Let A House Go To Foreclosure?

By: JackieReed

JackieReed — Wed, 17 Dec 2008 20:38:08 +0000

Has anyone heard about these companies or individuals who renogiate your mortgage? I have a personal recommendation from a fellow investor who is going to use one (a couple of guys who starting doing this). I’ll probably wait and see if she is successful. I also received an e-mail the other day from AdjustMyLoan.com. They say they are “Arizona’s #1 website for information and advice on LOAN MODIFICATIONS. We are an Attorney Based Loan Modification Company that specializes in helping homeowners and investors renegotiate their current loan terms with their lenders, resulting in lower monthly payments and peace of mind.” Is this for real? Does anyone have experience or information about this? Thanks.

By: tomtex2002

tomtex2002 — Tue, 16 Dec 2008 15:27:27 +0000

I have 2 houses in foreclosure. One I had been living in. I had to move out because I could no longer make payments because I lost my business. Any way of getting bailed out on that one? Even tho I no longer live in it? Also what is the best route to rebuild credit after a foreclosure? I owe 200,000. on it and my real estate agent told me I might be able to get 90,000 for it at this time.

By: Gerald Romine

Gerald Romine — Tue, 16 Dec 2008 14:23:10 +0000

To answer MarkPowers80: Rick may know something I don’t but I do not see the benefit of his plan because when the loan was originally taken out it would be in your personal name. Changing the title to an LLC does just that… changes the title.

The loan would still be in your name and a foreclosure would be reported by the lender IN YOUR NAME.

There is a positive side to the changing market beyond the worn out “buying opportunity” hype we hear from many. Real money is being made with wholesaling and buy and hold right now. I’ll talk more on that soon…

The purpose of my article was to bring awareness to foreclosure being a business decision that could make sense for many.

By: Gerald Romine

Gerald Romine — Tue, 16 Dec 2008 14:18:06 +0000

Here was another response from Jerome:

Like you said, it all depends on the situation. Look at this point the dollar is loosing value every day, negative cash flow is never good especially when you don’t know when things are going to turn around. I don’t think we should take it personal while major corporations are looking to the government for assistance.

America’s in debt.

By: greenfunding

greenfunding — Tue, 16 Dec 2008 00:02:28 +0000

Unfortunately, we are in a similar situation with one of our investment properties in Tucson. We made the business decision to let it go (preferably via a short sale) in August after the tenants who were there for 2 years moved out; knowing the worst outcome is foreclosure. We purchased it for 202K in 2006 and our list price is now 139K from 149K 3 months ago. Too many properties in the development being lost to foreclosure or a short sale. Based on our loan, we subsidized the rent to pay the mortgage. Once the tenants chosed to move, we decided to cut our losses so that we can move on. Now the bank is taking there time (over 5 months) to even begin the foreclosure process. Sometimes the hardest business decision, is to let go. Personally, we Let Go, Let God.

By: markpowers80

markpowers80 — Mon, 15 Dec 2008 22:01:41 +0000

If the investor purchased the properties with financing in his name, would it really do him any good to have the new LLC petition the Court? The bankruptcy would be in the name of the LLC, of course.