I AM UPSIDE DOWN IN MY RENTAL HOUSE. I HAVE PERFECT CREDIT. WHAT DO I DO?

I AM UPSIDE DOWN IN MY RENTAL HOUSE. I HAVE PERFECT CREDIT. WHAT DO I DO?

WHAT DO I DO?Hi! We had a caller into our Real Estate and Beyond Radio Show here in Phoenix, AZ, a month ago. He had an ethical question regarding his rental. He was about $50K upside down in his rental. However, he just finished remodeling the rental with a great tenant. However, he did not like being upside down on his rental. He was seeking advice from two guys on the radio show. We have been doing the radio show for the past four years to be the source for people to call for real answers.

We asked him the following questions

  1. Do you like your rental home? He answered YES
  2. Are you behind in your payments? He answered NO
  3. Are you in a financial hardship? He answered NO
  4. Are you open to solutions? He answered YES

We love receiving this type of phone calls because it challenges all of us. So, here was his scenario. His primary home was paid off. The value of his primary house was about $310,000. His rental house was worth about $100,000 and he owed $150,000 on the current mortgage. My mortgage partner did a cash out refinance to pay off the entire mortgage on his rental. Currently, he has a $150,000 mortgage on his primary house to receive a tax deduction the interest payments. Plus, the money he receives from his rental pays his primary house payment. The client was totally happy. Now, he is ready to fix and flip in the Phoenix real estate market.

We are here to serve the community.

Make the Call, Set the Plan, Do the Deal$!

Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities.  The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona.  You can listent to past shows, or stream on-line.

news talk radio

Phoenix Real Estate Resource Center

 

Follow Me On:  facebook profile  twitter profile   linked in profile  rss fee for blog                                      search for phoenix real estate

7 comments • Harry F. D'Elia, Investor , Mentor, CSSN Radio Coach, REOs, Networker, ePRO, CDPE • January 24 2010 12:40PM

NEW REFINANCE ALLOWED UP TO 125% HOPE IS ALIVE IN ARIZONA

Many homeowners in the state of Arizona are up to 50% upside down on their current mortgage. That means they owe more than the current home is worth under current market conditions. Many of them took out what is called an interest only loan or negative amortization loan for temporary reasons until the market went up to refinance out of those loans. Well, that did not happen and many people have been foreclosed on their home. Many homeowners continue to lose their home and have given up hope.

It was announced in the local paper that HUD will allow people who are 25% upside down in their current mortgage to refinance into a fixed loan guaranteed by the Federal Government. Again, the Government is trying to stop foreclosures to get the economy back on track. An estimated 200,000 of the 4 million to 5 million Americans struggling to save their homes have enrolled in the program, HUD says. About 10 percent, or 20,000, are refinancing. cited http://www.azcentral.com/business/realestate/articles/2009/07/04/20090704biz-refinance0704.html The borrower must not have missed a payment in the last 30 days in order to qualify for this program. However, this program will not stop unemployment rate. Many companies here in the Valley continue to lay off people from their work.

Furthermore, more and more people are keeping their job with a decrease in pay. Employers are slashing wages to keep people working. I have a friend who was approached by her employer stating that her wages will be cut due to slow times. She went back to the employer to negotiate less hours with the same pay rate per hour. Her employer agreed to the arrangement. I have several other examples that I have witnessed. What would you do if your employer lowered your wages right now?

                                                  AMERICANS WANTED CHANGE. IT IS HERE!

 THIS IS THE MAIN QUESTION TO MR. OBAMA. WE ARE WAITING FOR AN ANSWER.

Make the Call, Set the Plan, Do the Deal$!

Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities.  The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona.  You can listent to past shows, or stream on-line.

news talk radio

Phoenix Real Estate Resource Center

 

Follow Me On:  facebook profile  twitter profile   linked in profile  rss fee for blog                                      search for phoenix real estate

4 comments • Harry F. D'Elia, Investor , Mentor, CSSN Radio Coach, REOs, Networker, ePRO, CDPE • July 05 2009 04:07PM