after 12 years, you can't sell the house for more than the mortgage? And... is the house cash flow positive? (or

Jun 24, 2018
8:10:14am

HarlemCoug Playmaker

even close to being break even??) If so, why would you walk away because you think at some point in the future it may lose money? Why not just wait? Home prices are going up..... it just seems weird that you're considering this... what am I missing?

Report problem with this ad

HarlemCoug

Previous username: Big12
Bio page: HarlemCoug
Joined: Sep 8, 2014
Last login: Apr 28, 2024
Total posts: 32,221 (4,021 FO)

Report problem with this ad

Messages

Author

Time

Have a home I am renting out - I wanna get rid of it. Can I just stop mortgage?

jrifkin48

6/23/18 10:06pm

Very crazy. Do you have a management company running it for you?

VACOUGFAN

6/23/18 10:08pm

I do have a property manager...but the wrong renter is still a risk

jrifkin48

6/23/18 10:19pm

Yes, you're crazy. That's not a "credit hit". That's credit suicide for

Manti

6/23/18 10:08pm

Why not just pay for a property manager then? It's got to be a better option

BlueBlitzkrieg

6/23/18 10:09pm

I find it hard to believe that in this market you can’t find a buyer

cougarfann888

6/23/18 10:09pm

It's a military town. Everyone is there for 3 years and moving on

jrifkin48

6/23/18 10:16pm

Drop the price 'till you get interest. Even below what you think it's worth is much better than that.

soupie

6/23/18 10:10pm

RE: Have a home I am renting out - I wanna get rid of it. Can I just stop mortgage?

LiveCoug

6/23/18 10:14pm

Is this a joke?

ClackamasCoug

6/23/18 10:16pm

Sell it to the property manager.

Veracruz

6/23/18 10:21pm

I did bring this up, but they didn't bite. They said the roof was an issue...

jrifkin48

6/23/18 10:27pm

Did State Farm have a legitimate reason for denying the replacement of the roof?

David Lo Pan

6/23/18 10:38pm

So reduce the price a little to compensate for the new roof.

Veracruz

6/23/18 11:21pm

At least wait until someone actually does trash the house right?

Grit for Brains

6/23/18 10:25pm

Repairs are tax deductible.

Stringer Bell

6/24/18 11:58am

yes, you're crazy, on multiple levels.

Incentivize

6/23/18 10:28pm

You need to see if your state allows lenders to get deficiency judgments against

Josef K

6/23/18 10:28pm

Also from a contract perspective, isnt it short sided to not fulfill your side

BlueForLife

6/23/18 10:30pm

His part of the bargain is set in the contract if he can't fulfill

kotacoug

6/23/18 10:39pm

There are plenty of contracts I can technically get out of but don't

CSoul

6/23/18 11:03pm

if the bank doesn't want the house in the case of a default, then they are stupid to sign the contracts they do. The

HarlemCoug

6/23/18 11:46pm

"Can do" is different that "should do".

shimmy

6/24/18 12:03am

Thanks for that lecture on the legal details of a mortgage. Because I

CSoul

6/24/18 12:13am

people shouldn't feel that for some reason they are morally obligated to pay their mortgage at all costs. That

HarlemCoug

6/24/18 2:20am

My self justification is the house is clean, new appliances, in good shape...

jrifkin48

6/24/18 7:27am

after 12 years, you can't sell the house for more than the mortgage? And... is the house cash flow positive? (or

HarlemCoug

6/24/18 8:10am

Someone else should bite on owning a home in a hot rental market.

VACOUGFAN

6/24/18 6:17pm

Sounds like a good idea to me.

BIG XII Coug

6/23/18 10:34pm

Give it to me

Cougar TD

6/23/18 10:35pm

You could definitely sell the home at SOME price, and selling at that price is most

Clark Addison

6/23/18 10:43pm

Keep cashing rent checks up until the foreclosure

NSFW

6/23/18 10:43pm

Lol

thebruce

6/23/18 10:52pm

You're not crazy, you're just unethical.

shimmy

6/23/18 11:06pm

Love the holier than though types on here.

Cougfourlife

6/24/18 12:56am

CB as a whole said the same thing Shimmy said in 2008. Interesting that some

macaroni

6/24/18 4:33am

That's me. My view from up on here on Mount Pious is amazing.

shimmy

6/24/18 7:09am

Do you still owe more than you can get out of it?

jaromp

6/24/18 12:51am

Why not just sell it for less? After 12 yrs, you can recover some equity right?

Posting on CougarBoard