Hi,
About 5 years ago, my friend and I purchased an investment property in Panama City Beach Florida for $250K. The house was appraised and valued at $405,000... We never physically went to the property, our mistake. However, we the bank approved the appraisal and engineering report.
We had to refi and pull out some cash for small repairs and also pay for the mortgage because we had no rental income to pay for the mortgage, taxes and insurance.
we refinance and now owed 313K.. This is when the real estate market busted. The house value went below $250K, there was no equity in the house. we tried a short sale, no buyers available!
I had no choice but to stop paying the $3k per month mtg because I could no longer afford it and my partner, well abandoned me. My wife and I tried to modify the mtg., however since it was an investment property, Citi Mtg & Saxon had no options for us. They could and would not help us modify the payments. The harassment calls started, The letters in the mail started to come. we were served papers to appear in court in Florida. We never went due to advice by attorneys.
Well, on Friday, July 30th, Citi put a Levy on our bank acct. We knew this day would come. What do we do? Do we file for Bankruptcy? Do we try to settle the judgment and repay something we dont own any longer.?
Please Help!!
Frank
About 5 years ago, my friend and I purchased an investment property in Panama City Beach Florida for $250K. The house was appraised and valued at $405,000... We never physically went to the property, our mistake. However, we the bank approved the appraisal and engineering report.
We had to refi and pull out some cash for small repairs and also pay for the mortgage because we had no rental income to pay for the mortgage, taxes and insurance.
we refinance and now owed 313K.. This is when the real estate market busted. The house value went below $250K, there was no equity in the house. we tried a short sale, no buyers available!
I had no choice but to stop paying the $3k per month mtg because I could no longer afford it and my partner, well abandoned me. My wife and I tried to modify the mtg., however since it was an investment property, Citi Mtg & Saxon had no options for us. They could and would not help us modify the payments. The harassment calls started, The letters in the mail started to come. we were served papers to appear in court in Florida. We never went due to advice by attorneys.
Well, on Friday, July 30th, Citi put a Levy on our bank acct. We knew this day would come. What do we do? Do we file for Bankruptcy? Do we try to settle the judgment and repay something we dont own any longer.?
Please Help!!
Frank
Comment