Re: Facing possible forclosure in Las Vegas
Posted by Erin on July 27, 2007 at 16:48:47:
In Reply to:Re: Facing possible forclosure in Las Vegas
Posted by Anthony on July 26, 2007 at 23:06:12:
Thank you for your reply.
Yes, when we purchased this 3rd property we were hanging on the hopes the Las Vegas market would continue it's climb. We purchased it at $375,000 and are trying to sell it for bottom price of $399,000, hoping to break even (or only coming in with a few thousand out of our pockets) after all our commission and closing costs etc. (comp home in our area goes for $415,000)
We tried to refinance our 5 year fixed, interest only and after long hours with financial advisor, found it would cost us the same. Each day prices are dropping around here and the market is flooded with homes just like ours, some offering higher agent coop fees, and many forclosures, (North Las Vegas, rated number 3 in forclosures) which we just can not compete with. We have come to realize it would be a miracle to find a buyer. We have even exhausted our agent connections in California and Hawaii.
We have not received a default notice, we have paid on time so far. In three months, we will not have the funds to continue these mortgage payments. I am pregnant and will not be able to work for at least 3 months...there are no more reserves.
Can you please tell me, can they put liens on our other homes?
I can not afford the have liens on my current homes as we are hoping to move out of the country in a few years, and need the built up equity in those homes to start our life over there. Right now, I see this 3rd home as taking food out of my families mouths. we have paid this last year at total of $31,200 for this house, all our saved money and an equity loan.
We have to cut our losses at this point, and our financial advisor is coming to agree. You can be positive thinking, but you have be realistic at some point as well.
Are our 2 other properties in danger?
Thank you, this is a great resource for opening up a very scarry topic.
Follow Ups:
- Re: Facing possible forclosure in Las Vegas - de 07:11:53 08/28/07
(0)
Post a Followup
