Posted on: 11th Jul, 2012 09:08 pm
we purchased a condo in 2008, we have a first mortgage 30 year fixed thru chase and a 2nd mortgage using seller financing for 69,000 which was a 5 year interest only loan.
we have one year left on the 5 year interest only loan.
our condo is underwater and we are not able to refinance the two together.
at the end of the 5 year interest only loan, if we still cant refinance and dont have the ability to repay the 69,000 to the seller.
what will our options be.
we live in california and our current on both the first and the second, we have not missed any payments...
we have one year left on the 5 year interest only loan.
our condo is underwater and we are not able to refinance the two together.
at the end of the 5 year interest only loan, if we still cant refinance and dont have the ability to repay the 69,000 to the seller.
what will our options be.
we live in california and our current on both the first and the second, we have not missed any payments...
Hi Guest!
Welcome to forums!
The seller will ask you to pay off the loan or he will want to foreclose the property. You can request the seller to give you some more time so that it becomes easier for you to pay off the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The seller will ask you to pay off the loan or he will want to foreclose the property. You can request the seller to give you some more time so that it becomes easier for you to pay off the loan.
Feel free to ask if you've further queries.
Sussane
Hi Guest,
You can check out the seller financing agreement in order to find out what actions the seller can take against you. It will be mentioned in the agreement.
Thanks
You can check out the seller financing agreement in order to find out what actions the seller can take against you. It will be mentioned in the agreement.
Thanks