“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.

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Comment balloon 24 commentsJoe Petrowsky • May 26 2016 12:04PM

Comments

Good morning Joe.  We also still have a number of properties that are in similar situations.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 2 years ago

You seem to have the product to help. They will appreciate your guidance...

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) about 2 years ago

We still have a few in my area, but not nearly as many as a few years back

Posted by Jennifer Mackay, Your Bay County Florida Realtor 850.774.6582 (Counts Real Estate Group, Inc.) about 2 years ago

Joe - well good that they are cutting their monthly bite.  Too bad values have not recovered.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) about 2 years ago

Many similar market analyses I have done this year ...they can maybe break even but they have no equity to upgrade to a bigger home...so many are lamenting this issue in RI too but not as bad as CT from the numbers I see, Joe.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) about 2 years ago

Good morning Joe Petrowsky ,

Haven't the right product for situations like this can really make a difference in this this scenario. Its a shame values have not recovered yet.

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) about 2 years ago

Good morning Joe. Being underwater in real estate is a terrible thing and if you can help you are much needed friend.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 2 years ago

Good morning Joe. Hopefully, this underwater thing will drain off soon! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) about 2 years ago

Good morning Joe - I love hearing how you've helped change lives by providing refinancing and cutting losses. The homeowners of Connecticut are lucky to have you.

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Samsel & Associates) about 2 years ago

Joe, so sorry to hear, especially when most of the country is seeing huge increases.   Hope this changes soon.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) about 2 years ago

Good morning, Joe --- you have put a very positive outcome on a less-than-desirable situation.  Good for you!

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) about 2 years ago

Joe Petrowsky this is amazing. Our area is well above the highs of the early 2000s.

But I have a question: how can they use an FHA on this rental unit?

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) about 2 years ago

This is a good story to share. Many families are still in financial distress.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 2 years ago

Joe,

What a great story to share with us.  It is nice to know that help is available.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) about 2 years ago

There will always be some of this...hope they find an experienced short sale listing agent ...if you need a referrall Joe Petrowsky let me know.

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) about 2 years ago

This is great news Joe. You are really helping people.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) about 2 years ago

Thank goodness these folks found you Joe Petrowsky !

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) about 2 years ago

Hi Joe.  I just visited a seller in Woodstock who payed @274,900 in 2005.  I will be lucky to get them $225,000.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) about 2 years ago

Joe

We have also being working through the challenges of homeowners being underwater . . . . Sad to say we still have aways to go to see the end of the tunnel.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) about 2 years ago

Hi Joe:  Another set of lucky clients to have found you. Here, in South Florida, still have a lot of owners who bought pre-construction and are under water. Fortunately they are renting at good returns.  The loss they would take at this point would not make sense. 

Posted by Janice Hope Zaltman Realtor,LEED AP (United Realty Group) about 2 years ago

Joe I keep on thinking things will turn around here in CT soon, but the soon still has not come yet.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 2 years ago

I suspect a shift in the market is right around the corner.

Posted by Patricia Feager, Selling Homes Changing Lives (DFW FINE PROPERTIES) about 2 years ago

That is fantastic Joe Petrowsky  . It is sad that there are still many people under water . I am seeing that here in our area also 

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) about 2 years ago

Ouch, so glad you were help to cut the loss in half.  Hope the values increase in future.  Kudos Joe Petrowsky for your assistance

Posted by Mary Yonkers, Erie/PA Real Estate Instructor (Alan Kells School of Real Estate/Howard Hanna Real Estate) about 2 years ago

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