“Still Lots of Properties in Connecticut Underwater”

  “Still Lots of Properties in Connecticut Underwater”

 

 

Many parts of the country are experiencing increased values and some are seeing values that exceed the highs that were reached in 2005-2007.

 

In the below situation, there is currently an FHA loan on the property and I can refinance the current debt with their streamline product and lower their interest rate by two percent. That means I can cut the monthly loss in half.

 

 

Joe, you were referred by our banker friend XXXXXXX, who said great thing about you and he thought you could help. Between the condo not being nearly worth what I still owe, and my property taxes recently going up by over 2x's what they used to be...we're in real trouble with the property. I'm lucky enough to have continuous tenants but the rent I can charge simply doesn't cover what I'm paying out anymore. We're netting around a $700 loss per month.

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 24 commentsJoe Petrowsky • May 26 2016 12:04PM
“Still Lots of Properties in Connecticut Underwater”
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“Still Lots of Properties in Connecticut Underwater” Many parts of the country are experiencing increased values and some are seeing values that exceed the highs that were reached in 2005-2007. In the below situation, there is currently an… more
“He Lives in His Four Family”
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“He Lives in His Four Family” I originally did a mortgage for Dan’s parents, who referred me to their son. Dan purchased a 4 family that he has lived in for a few years and now wants to purchase a single family home with his fiancé. The… more
“Being a Trusted Resource”
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“Being a Trusted Resource” I have completed a number of transactions with this client and her husband. Being asked to assist her mom is very special. Even though the information that may be needed has nothing to do with future revenues, it just… more
“Always an Honor when someone asks me to Refer Them”
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“Always an Honor when someone asks me to Refer Them” Good afternoon Joe, its Pedro & Daniel, can you please recommend another realtor for us please. We don’t have a good understanding with XXXXXXXXXX, our current realtor. He is a good guy,… more
“Not just One Answer to his Question”
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“Not just One Answer to his Question” We have established June 3 as our closing date with the attorney, seller, etc. thank you for all your help keeping things moving along. The best answer is that the first mortgage payment would be due… more
“Currently we are Only Doing Owner Occupied Refinances”
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“Currently we are Only Doing Owner Occupied Refinances” Banks are constantly changing what mortgages they are willing to do or not do. This morning I got a referral from a banker who shared that his bank is no longer doing refinances on one to… more
“Former Employee Ready for a New Mortgage”
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“Former Employee Ready for a New Mortgage” Hi Joe! I hope you and your family are healthy and well. Congratulations on your expanding business, I was looking/ reading through the Right Trac website and saw a couple of new faces and… more
“I Can’t Get the Refinance Done as of Yet but… ”
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“I Can’t Get the Refinance Done as of Yet but… ” I can assist this client with finding a company that can get a vehicle loan for him. It is such a gift that he thinks enough to ask and as it turns out, I handled a referral for him. It also… more
“Hey Man I’m looking forward to Working with Him as Well”
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“Hey Man I’m looking forward to Working with Him as Well” That is pretty much the way I responded to him after getting his email. Hey thanks man! I've already found several houses under my $200, 000. 00 budget and I'm very excited to be working… more
“Not All First Time Home Buyers Understand”
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“Not All First Time Home Buyers Understand” We had the inspection done today, how soon will we know if the house is ours? During the pre-qualification process I explain as much of the mortgage process as is possible at that point. During the… more