Practicing prosperity and making wise real estate decisions is a lifelong process.
And I’m learning and evolving right along with you!
Here are some guides to illuminate your path, featuring the lessons I’ve learned along the way. I’ve already paid the tuition for them – so I hope as many of you can get as much additional mileage out of them as possible.
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I have a Condo that I purchased 2005 with a friend who has the mortgage.
It is an investment property and was doing quite well until the housing market
melt down.
I ran into financial hardship as I lost my job several months ago. I asked
my friend if she would like the condo back in a deed in lieu of foreclosure.
I did not try to sell it because of the relationship. I thought because there
was still a tenant she was in a better position because she would be gaining
a higher interest on her money.
So, my question is how would I work out the financial side of this to show her
that she is still getting her monthly payment on the $130,000 balance as the
tenant pays $995.00 a month. However, the fair market value is now $60-$70K.
Would you please let me know the best way to work this with the least amount
of damage to either of us?
With appreciation.