Posted by Monique George .. I am in a situation here with my property and wonder if you .. a wise/experienced real estate wizard ... would please be kind enough to read what I wrote and give me a couple of helpful pointers on how I could proceed / fix this situation .. I trust NO ONE in this town .. but I DO trust you ! Ok .. here it goes: I own a 2-BR/2 bath condo on a golfcourse (my residence) that I purchased for some $46k eight years ago .. the loan balance is $38k (I put a hefty downpayment on it), interest rate is 3 or 4% per annum and it has a 2nd mortgage in the sum of 15k on it ... my property is worth close to 150k at this point, in other words, if I sold it now, I would most likely walk away with close to 100 grand after covering the financial liabilities= outstanding loan balance and 2nd mortgage ... Work in Florida is not only hard to find, but when found, getting hired for a job and being KEPT on is like running the gambit .. I am emotionally worn out from the mentality and attitude of Florida employers .. it is a totally outrageous, hopeless situation for the unemployed .. you get the picture .. ergo: I have not worked steady / had some no big-deal temp jobs for the last 2 years ... the Home equity line of credit is what my exhusband got for me b e c a u s e I have no steady job .. he is also co-owner on the property/cosigned the financing when I bought the place .. all well and good . . and there is no "left over from marriage" baggage .. is a business arrangement, just that simple ! I am STILL unable to find work ( after faxing out 267 resumes and not being interviewed and/or hired this becomes old fast ) and my Home Equity line money is dwindling fast and my only chance for survival might be to sell my condo so that I can use the money from the sale to survive .. it would tide me over for a while and I would invest part of it .. a ladyfriend of mine is employed in a financial services firm and will counsel me on investing the money .. But George .. in my heart of hearts .. I really don't want to sell my condo if I can help it because the deal is too sweet to let go of for just "must do" purposes .. my mortgage payment is some 200 bux and the condo fee only $154 / annual taxes around $800 .... it is in a good location / on a golfcourse and I actually like my home and tread having to sell it ... is there any way.. any way at all that I could get my hands on some of the rather hefty $-equity in my property without selling it .. getting exhubby to get a bigger HE loan to pay off the smaller one with cash left over is no longer an option, exhubby remarried and the new "lady" won't have it ..for that reason, I would not dare to ask him .. Being that I have no steady employment record, I doubt that refinancing the place would be an option and I am not even sure re-fi i s the answer ... but George .. you have done sooooooo many creative real estate deals in your time and know every trick in the book .. I am hoping you might have a solution I don't know about or which is one of your typical charismatic real estate $-ideas ... I am getting really desperate and would very much appreciate any feedback on this you'd have to offer .. is there anything at all that I can or could do to and keep my home at the same time ??? I did read over the material I purchased from you 2 years ago . .but there is no "answer" in there .. please help .. I am anxiously awaiting your reply .... thanks much .. regards, Monique
on 6/21/2005, 6:10 am
68.56.78.229
George: you might or might not remember me .. I am Monique from Sarasota, FL and 2 or so years ago purchased your real estate course .. in that course you mention somewhere about "needing to be by the ocean if you are going to be in the fishing business" .. well .. in my case, I might want to be in the fishing business but am nowhere near the ocean for it ... the people in this town don't want to do "deals" and are difficult and arrogant to deal with to say the least .. ... ergo: I was not successful in even doing o-n-e deal .. except that one might have worked which I posted on your board where the seller refused ANY and ALL info about the property and you posted to "RUN RUN as fast as you can"" and I did as you said .. .and dont know whatever happened to the property ... but your program d o e s work and is a very good product .. I am not sorry that I bought it ..
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