Posted on: 08th Jun, 2010 08:01 am
Hello,
I own a condo in Lynnwood, WA Loan 1 - 125,000 and Loan 2 - 28000.
I have been trying to sell it for last 2 years but never got any offers. I can't afford making monthly payments any more. My wife lost her job and its becoming very difficult with 2 young children (5 and 2 year) every day.
Can someone please suggest any options? I never wanted to go for foreclosure (and thats why i tried my selling my condo for 2 1/5 years) but now i dont know what to do.
"lieu of foreclosure" is this even possible because i have 2 loans? Is Short Sale the only option besides foreclosure?
I dont know if i will get approve for short sale but at this point i just want to move on.
My first mortgage is with Vericrst Financial and second one with GMAC.
Thanks alot for looking into this.
Harry
I own a condo in Lynnwood, WA Loan 1 - 125,000 and Loan 2 - 28000.
I have been trying to sell it for last 2 years but never got any offers. I can't afford making monthly payments any more. My wife lost her job and its becoming very difficult with 2 young children (5 and 2 year) every day.
Can someone please suggest any options? I never wanted to go for foreclosure (and thats why i tried my selling my condo for 2 1/5 years) but now i dont know what to do.
"lieu of foreclosure" is this even possible because i have 2 loans? Is Short Sale the only option besides foreclosure?
I dont know if i will get approve for short sale but at this point i just want to move on.
My first mortgage is with Vericrst Financial and second one with GMAC.
Thanks alot for looking into this.
Harry
hi harrydseattle,
though you've two mortgages, you'll be able to contact your lender and apply for a deed in lieu of foreclosure. both the lenders should agree to your request of a deed in lieu of foreclosure. if your request gets accepted, then you won't have to pay the deficient balance to the first mortgage lender after the property sale.
you would be liable for the second mortgage dues after the deed in lieu of foreclosure though the property is sold off. however, if your second mortgage is a part of your purchase mortgage i.e if you had taken out the second loan while purchasing the property, then the deficient balance will be forgiven by the lender.
thanks,
jerry
though you've two mortgages, you'll be able to contact your lender and apply for a deed in lieu of foreclosure. both the lenders should agree to your request of a deed in lieu of foreclosure. if your request gets accepted, then you won't have to pay the deficient balance to the first mortgage lender after the property sale.
you would be liable for the second mortgage dues after the deed in lieu of foreclosure though the property is sold off. however, if your second mortgage is a part of your purchase mortgage i.e if you had taken out the second loan while purchasing the property, then the deficient balance will be forgiven by the lender.
thanks,
jerry