Hi,
I bought an investment property (new construction ) on May 05, I put 20k down. At that time, real estate was hot. We closed on it in Jan of 07 ( i wished I walked away from the 20k). For over a year, I couldn't find anybody w/ reputable references and credit to rent the place and at the same time the values were falling like crazy, and violent crimes in the communtiy were manifesting.
I did everything right as far as lending is concerned, I didn't get into to those negative am mortgages and other creative mortgages. I put 10% down, cash. I got a 80/10 mortgage (both w/ Wells Fargo). I bought the unit for 229k, now units are foreclosing at $80k
I notifed the bank about the situation in Sept of 2007 (YES, Sept of 2007), There is bid on for a short sale for $80k; I keep calling the bank and the only thing they are saying is "still in review".
I am current on the mortgage but people are saying that you must be late on the mortgage in order for Wells Fargo to call you. I'm trying not hurt my credit. But it seems like this investment is a total loss.
If I bought for 229k and now they are foreclosing at 80k, and the builder still has 40% of the units unsold, don't you think, its a total loss. Is there any way I can protect my credit? Do I have a chance with certain federal laws that protect this type of predatory customer lending service. I don't have my primary home attached to this investment property (I'm homesteaded). Simply if I walk away, the only thing I lose is my credit for 7-10 years. Is my situtation worth being foreclosed. Has anybody ever foreclosed in Florida and regret it?
Does somebody have an email address or a person at Wells Fargo that can help me?
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