In my situation, there is probably 40K to 60K of equity in the the 2nd. The 60K is on the top end and would be if the house sold at the full market retail, which would require sitting on the market for while to find the perfect buyer. I'm not even sure they could get that. My 2nd is for 137K. I am willing to settle for 30K to 40K. Alternatively if they paid foreclosure fees and a realtor, there is no way that they could come out better if they foreclosed. I'm in a 60 year old neighborhood with a mix of fixed up houses and very run down ones. My home is the most expensive one on the street, some are valued at 70K to 80K less than mine. So it takes a buyer that want wants an older ranch home in an established neighborhood. These houses sit on the market for a while.
They could sit on the loan and hope the value comes back, but here in the Florida panhandle we have had several large layoffs in our town and one of the military bases is having a large drawdown. The market is about to be flooded with more properties. In addition, the oil spill is killing tourism and has the potential to put alot of small businesses under.
The home values are not coming back anytime time soon around here.
Brazzy, in your experience do the banks take into account the variables that I listed above (home sales per neighborhood and economic conditions) or do they just use generic formulas based on sales for a larger geograghic region?
I fully understand they may tell me to pound sand and that's their business, but if the roles were reversed and I was the investor rather than this being my home, I would take the 40K settlement in a heartbeat.
I'm only 3 months late now. I'll wait three or four more (or until they contact me before I try anything).
thanks for the opinions.
They could sit on the loan and hope the value comes back, but here in the Florida panhandle we have had several large layoffs in our town and one of the military bases is having a large drawdown. The market is about to be flooded with more properties. In addition, the oil spill is killing tourism and has the potential to put alot of small businesses under.
The home values are not coming back anytime time soon around here.
Brazzy, in your experience do the banks take into account the variables that I listed above (home sales per neighborhood and economic conditions) or do they just use generic formulas based on sales for a larger geograghic region?
I fully understand they may tell me to pound sand and that's their business, but if the roles were reversed and I was the investor rather than this being my home, I would take the 40K settlement in a heartbeat.
I'm only 3 months late now. I'll wait three or four more (or until they contact me before I try anything).
thanks for the opinions.
Comment