Posted on: 11th Jul, 2009 01:09 pm
we have a second mortgage thru bank of america. when we called the bank to see if we could continue to make the payments on the second after the sale of the house, they told us no that we would have to do a short sale. we really dont want to do that, we do not want to ruin our credit, since we would like to by a house in the new state. they would not even give us the day or time to talk to us about our options. so what do we do?
You will not be able to purchase a home immediatly after doing a shortsale.
Is your loan through the branch of BOA that was countrywide?
Is your loan through the branch of BOA that was countrywide?
You could rent the house out. First try to refi the home to see if you could lower the payment on the 1st mortgage atleast. You should qualify with the new plan. once you have signed lease on the property with one month of deposit, you should qualify for the purchase of the new home.
renting is the right idea. it will surely help you. also note that you will take some time in other state for settlement & property finalization
yes the 2nd mortgage is thru the boa branch that was country wide... :oops:
A while ago I posted this document on my website about the countrywide lawsuit It might help you: http://charlesrutenbergrealtyinc.mortgagexsites.com/xSites/Mortgage/CharlesRutenbergRealtyInc/Content/UploadedFiles/Countrywide%20loan%20modifications.htm
They are obligated to work with you on your loan, by one of the following factors: Rate, term, balance, conditions
They are obligated to work with you on your loan, by one of the following factors: Rate, term, balance, conditions