Posted on: 01st Apr, 2009 09:35 am
My parents and myself decided on building a home with the intentions of me caring for them. We lived in my home while building. We had the intentions of selling my home to move into the larger home. Since this began the market has crashed and my house is not worth what I owe. The new home is done and I cannot afford both houses. What can be done??
Are you saying you're in Foreclosure? You can try a short-sale of the smaller property to unload the debt and not tarnish your credit with a foreclosure or we can short-refi the property with a reduced payoff. Either way the banks are accepting reduced payoffs left and right to get the "bad debt" off of their hands. Questions, give me a shout....
No, I am still current on my mortgage but I dont know how long I can pay them both? I contact you to see what I could do.
Welcome tedd,
If you are current on your mortgage payments, then I don't think the lenders would offer you any help. In order to take advantage of loan modification or short sale, you have to be delinquent on your mortgage payments. The lender would judge your financial situation and then decide whether he would accept your loan modification.
If you are current on your mortgage payments, then I don't think the lenders would offer you any help. In order to take advantage of loan modification or short sale, you have to be delinquent on your mortgage payments. The lender would judge your financial situation and then decide whether he would accept your loan modification.