7 Underwater Foreclosure AZ Homes, Owner Goes Public Web Site, On “Walking Away”
Industry: Home & Residential
People with life savings in one home or several rental homes, are painted in a corner with no way out. Government says NO refinancing, investors, home owners locked in at 7% or more. No help for "evil" investors. Cannot sell an underwater home, no longer have cash inflow to continue high interest. Two choices, walkaway or bankruptcy. Foreclosure research, statistics blow by blow on personal 7 underwater homes in limbo. http://homeloanwalkaway.com http://investorwalkaway.com
Arizona (PRUnderground) March 30th, 2010
A long time publisher, of hard copy small newspapers, and a web publisher who has, himself, been caught with 7 Arizona Rental Homes Drastically Underwater, has put together a “foreclosure” website, called http://investorwalkaway.com.
He also has put together a companion site for regular homeowners, themselves, http://homeloanwalkaway.com going through some of the same experiences.
The investor site, designed for the forgotten people the government ignores, thrifty people who have lost their life savings.
Jacobsen runs pictures and actual figures and blow by blow information on all 7 of his “underwater” Arizona homes and daily hassles with the lenders in the foreclosure process and attempted loan mitigation.
A forum has been set up for those caught in the down stream may discuss and share their experiences of what is not working or is working.
Jacobsen rents his homes as fully furnished vacation homes to Arizona visitors and is caught in the down 30% or better drop off trend of travel and vacationers.
In addition, home owners caught behind in payments, become new competitors and are renting out their homes fully furnished to tourists at low rates and go live with mom for a week to raise cash.
On a free rental listing service, there used to be 50 by noon, now well over 300 such furnished vacation home listings appear by 10 am.
Jacobsen says “they do not bother to pay sales taxes, and do not depend on that income to solely pay the mortgage.”
Renting long term, he says he is no longer competitive with a $215K mortgage, a $1,400.00 payment, at 7% interest, has to rent for $1,550.00 (no prospects) (sits empty). That a competitive investor across the street buys a bigger foreclosure home for just $125,000, at 5% interest and an $850.00 mortgage payment, and readily rents for $1,000.00.
Jacobsen stopped all payments on six of the 7 underwater homes January one, and is publishing on his web sites all the steps that are now being experienced, so others so situated can see how it goes attempting loan mitigation and/or foreclosure and what is coming. (He continues his vacation home rental business which right now is in high season, with the severe slow Arizona vacation home rental season just ahead.) http://azvhr.com