Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

I own a condo that I purchased 4 years ago on a 5 year ARM.

Customer Question
The payment is expecting balloon...
I own a condo that I purchased 4 years ago on a 5 year ARM. The payment is expecting balloon in April 2010. I have two hardships...1. The fact that the payment will balloon & 2. I can't sell the condo. What are my options?
Submitted: 8 years ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 1 minute by:
6/22/2010
Real Estate Lawyer: WALLSTREETESQ, Lawyer replied 8 years ago
WALLSTREETESQ
Category: Real Estate Law
Satisfied Customers: 17,267
Experience: 10 years, Real Estate litigation, represent the UFT, NYSID, AFL-CIO, PPD Network Attorney
Verified

what type of mortgage do you have, and is it a personal residence?

Ask Your Own Real Estate Law Question
Customer reply replied 8 years ago
It is a 5 year fixed ARM. $230K on a 5.4% interest and a 2nd loan on $100K 9% interest
Real Estate Lawyer: WALLSTREETESQ, Lawyer replied 8 years ago
you may want to consider a chapter 13 bankruptcy that would reduce your other debts, and let you keep the home, also if the condo is underwater by $100, you can strip off the 2nd lien, and convert it to unsecured debt, which can be paid at 5-10% of the balance. A chapter 7 would get rid of both loans, however your home would be sold.
Ask Your Own Real Estate Law Question
Customer reply replied 8 years ago
I forgot to mention it is a rental
Real Estate Lawyer: WALLSTREETESQ, Lawyer replied 8 years ago
lien stripping can take place if 1) there is a balloon payment due during the life of the chapter 13 case, 2) the second is secured by other assets in addition to the house (personal property, road, ally, etc.), or 3) the property is not the "debtor's principal residence, so your rental will qualify, and possibly if you file early, you should be fine.
Ask Your Own Real Estate Law Question
Customer reply replied 8 years ago
what is lien stripping?
Real Estate Lawyer: WALLSTREETESQ, Lawyer replied 8 years ago
it would get rid of your 2nd loan on the property so you will only be paid the first loan.
Ask Your Own Real Estate Law Question
Customer reply replied 8 years ago
How do i do that? Talk to my bank...? File a chapter 13
Real Estate Lawyer: WALLSTREETESQ, Lawyer replied 8 years ago
please read above, you file a chapter 13 bankruptcy and if the home is valued less than 100,000 they will remove the second lien, So if the house is worth $200,000 the second lien will be stripped as their is no equity to pay it if the house was sold.
WALLSTREETESQ
Category: Real Estate Law
Satisfied Customers: 17,267
Experience: 10 years, Real Estate litigation, represent the UFT, NYSID, AFL-CIO, PPD Network Attorney
Verified
WALLSTREETESQ and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Customer reply replied 8 years ago
Hi...I'm going to post the question again to get another opinion. Just FYI.
Real Estate Lawyer: WALLSTREETESQ, Lawyer replied 8 years ago
ok.
Ask Your Own Real Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask WALLSTREETESQ Your Own Question
WALLSTREETESQ
WALLSTREETESQ
WALLSTREETESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 17,267
17,267 Satisfied Customers
Experience: 10 years, Real Estate litigation, represent the UFT, NYSID, AFL-CIO, PPD Network Attorney

WALLSTREETESQ is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

12,142 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,377 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,253 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,572 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
I am a buyer in a 5 year land contract with a balloon in the
I am a buyer in a 5 year land contract with a balloon in the state of tn. The balloon payment is due on June 1st, 2016 in order to fulfill my obligation. The sellers have been hounding me for months e… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
My wife and I purchased a condo using seller financing and
My wife and I purchased a condo using seller financing and put 20% down in 2010. The balloon payment due date has passed. We've tried to apply for a conventional mortgage but were denied because the c… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,366 satisfied customers
Hello. I live in CA and on January 2010 entered into a 5 year
Hello. I live in CA and on January 2010 entered into a 5 year lease to purchase agreement. We paid the option money and began paying the mortgage, Property Tax, homeowners insurance, HOA and other exp… read more
Seattle Scott
Seattle Scott
Private practice attorney
995 satisfied customers
Good evening, I work in accounting for a private firm but
Good evening, I work in accounting for a private firm but also do taxes on the side. I am attempting to help some friends with their 2012 taxes. They have a complex real estate issue which is not my a… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
20,543 satisfied customers
Short selling a condo when owning another property
I have a condo that is "underwater" (owe $140,000 from HELOC), but is only worth $80,000. I'm getting old and may need to move into an ALF soon, so wondering if I can short sell it. The complication i… read more
lwpat
lwpat
Doctoral Degree
256 satisfied customers
I purchased condo in San Francisco, 94102 Dec 2006. My 1st
I purchased condo in San Francisco, 94102 Dec 2006. My 1st loan with Citi bank Interest only for $316,800 and 2nd Home equity $79,200. In 2009 i have applied for Modification HAM and pre-approved. How… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
I have a $48,000. mortgage on 3 acres of land in Hawaii. Sold
I have a $48,000. mortgage on 3 acres of land in Hawaii. Sold to me for $68.000.- I put all my savings at that time- $20,000 down. I should never have qualified for the loan in the first place, (5 yea… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,467 satisfied customers
In State of Arizona- In 2003, a Married Couple (John and Jean)
In State of Arizona- In 2003, a Married Couple (John and Jean) were experiencing difficulty getting a mortgage. However, they met (Dave) who offered them a rental agreement with the option to buy (ini… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,467 satisfied customers
We have a 5 year ARM with balloon due in June for our bare
We have a 5 year ARM with balloon due in June for our bare land loan and we can't find another lender. The current lender wont refinance as they dont lend on land anymore. We have never missed a payme… read more
evanesq
evanesq
Managing Attorney
Doctoral Degree
6 satisfied customers
I sold a piece of land in Colorado 4 years ago and did an owner
I sold a piece of land in Colorado 4 years ago and did an owner carry for 5 years. Balloon was due after 5 years of payments. For around 3 years the purchaser paid fine. I sold the last 28 payments to… read more
FLACORPLAWYER
FLACORPLAWYER
Doctoral Degree
1,750 satisfied customers
We bought a condo (Affordable Unit) three years ago. First
We bought a condo (Affordable Unit) three years ago. First year was wonderful. 2nd noise from a generator and hvac fans on the roof next door caused sleep deprivation and I ended up in ER with my firs… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
8,377 satisfied customers
I own a condo that I purchased 4 years ago on a 5 year ARM.
I own a condo that I purchased 4 years ago on a 5 year ARM. The payment is expecting balloon in April 2010. I have two hardships...1. The fact that the payment will balloon & 2. I can't sell the condo… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
I own a condo that I purchased 4 years ago on a 5 year ARM.
I own a condo that I purchased 4 years ago on a 5 year ARM. The payment is expecting balloon in April 2010. I have two hardships...1. The fact that the payment will balloon & 2. I can't sell the condo… read more
Legalease
Legalease
Attorney At Law
Doctor of Law w/ highest honors
15,719 satisfied customers
Four years ago I was 45 and purchased a condo in Ft Myers FL
Four years ago I was 45 and purchased a condo in Ft Myers FL that for Grandma to stay in. The condo is 55 and older and also is a non rental per the assocciation. Grandma moved one year later and now … read more
dkennedy
dkennedy
Attorney
Juris Doctorate
27 satisfied customers
I own a condo in Indian Head Park, Illinois (a suburb of Chicago).
I own a condo in Indian Head Park, Illinois (a suburb of Chicago). I have had my condo on the market for two years and I am not asking an overpriced price. I have not had an offer on the condo. By-law… read more
Maverick
Maverick
Doctoral Degree
6,342 satisfied customers
We have inherited a home and there is still a mortgage on it
We have inherited a home and there is still a mortgage on it which is an ARM that states that the loan is assumable. I am currently in a condo and would like to move into the inherited home, but my co… read more
N Cal Atty
N Cal Atty
Doctoral Degree
59 satisfied customers
Purchased condo on Longboat Key, FL 4 years ago - value has
Purchased condo on Longboat Key, FL 4 years ago - value has dropped significantly and I really don't want to keep throwing money at it. The arm is 1 year away and it will not appraise - payments are u… read more
Attorney & Counselor at Law
Attorney & Counselor at Law
Managing Partner
Doctoral Degree
865 satisfied customers
I own a condo in florida. I purchased it for 250,000
I own a condo in florida. I purchased it for 250,000 and I owe 245,000. I have a purchase offer of 230,000. The condo is now rented but I still have to pay $9000 out of pocket for maintenance fees and… read more
Legal Eagle Esq.
Legal Eagle Esq.
Juris Doctorate
40 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x