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SVTPerformance's Chain of Restaurants
Road Side Pub
Need input/advice from folks who know about short sales/foreclosures of a rental property
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<blockquote data-quote="CobraJohn01" data-source="post: 16357718" data-attributes="member: 3005"><p>I appreciate (most of) the input so far. Don't have time to answer each post at the moment, but quickly:</p><p></p><p>1.) homeowner's insurance won't cover because the water/mold damage was apparently due to two long-term leaks that we were unaware of, due to damage caused by the tenant.</p><p></p><p>2.) [USER=45161]@Blown 89[/USER] , I don't appreciate the tone or the apparent assumptions in your post. We're going to do everything we can to avoid any kind of foreclosure, but I'm just trying to gather data so we can determine which options make the most financial sense for us. Would you put another $20-30k into a house that you're ALREADY upside down on and ALREADY have wiped out your savings by putting ~$20k in it so far? We'd probably be negative $30k-ish if this played out and we had to sell for around $80k after all repairs are done. </p><p></p><p>3.) I did do some Googling on the effects of foreclosures and short-sales, but I read several different sites that listed multiple different impacts it could have, so I was hoping someone with first-hand knowledge could provide insight. To know that a foreclosure will lower our score anywhere from 80-300 points doesn't help me much. Wondering about real-world experiences to try to narrow that huge range down.</p></blockquote><p></p>
[QUOTE="CobraJohn01, post: 16357718, member: 3005"] I appreciate (most of) the input so far. Don't have time to answer each post at the moment, but quickly: 1.) homeowner's insurance won't cover because the water/mold damage was apparently due to two long-term leaks that we were unaware of, due to damage caused by the tenant. 2.) [USER=45161]@Blown 89[/USER] , I don't appreciate the tone or the apparent assumptions in your post. We're going to do everything we can to avoid any kind of foreclosure, but I'm just trying to gather data so we can determine which options make the most financial sense for us. Would you put another $20-30k into a house that you're ALREADY upside down on and ALREADY have wiped out your savings by putting ~$20k in it so far? We'd probably be negative $30k-ish if this played out and we had to sell for around $80k after all repairs are done. 3.) I did do some Googling on the effects of foreclosures and short-sales, but I read several different sites that listed multiple different impacts it could have, so I was hoping someone with first-hand knowledge could provide insight. To know that a foreclosure will lower our score anywhere from 80-300 points doesn't help me much. Wondering about real-world experiences to try to narrow that huge range down. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Need input/advice from folks who know about short sales/foreclosures of a rental property
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