RE: A bad real estate deal

From: "Sladek, John" <John.Sladek@mts.com>
Subject: RE: A bad real estate deal
Date: Thu, 7 Jan 1999 06:56:10 -0600

Previous Article (by Author): Money market account recommendations? "Robert R. Kalt"
Top of Thread: RE: A bad real estate deal AINITGR8@aol.com
Next in Thread: Re: A bad real estate deal Nancy Slator
Articles sorted by: [Date] [Author] [Subject]

	In reply to Nancy Slator's question about getting rid of a condo
property that has declined in value, a friend of mine had a similar
experience a few years ago. I'm afraid that letting the property go back to
the bank might not be enough. Tha bank wants their loan amount. When my
friend did this (let the bank foreclose), the bank then sued her for the
difference (it was about $30,000). Since she was retired, she had to dip
into savings to pay it off. And yes, she ended up with a bad credit rating. 

> Date: Sun, 03 Jan 1999 18:26:03 -0500 (EST)
> From: Nancy Slator <neslator@amherst.edu>
> Subject: A bad real estate deal
> 
> We bought a condo (half a duplex) for $104K in 1993.  The assessed value
> immediately dropped to $78K.  At the moment we owe $92K and it's assessed
> at $82K.  We have no plans to move, but what would happen if we did?  If
> we had to move for job reasons, for instance, and we sold for $82K, I
> imagine we'd owe the bank $10K in cash?  Which we don't have.  If we
> deeded the place to the bank, would that hurt our credit rating?
> 
> - -- Nancy Slator, neslator@amherst.edu
> 
> 
> 

- -

Go to Jeff Salisbury LWGate Home Page.