Posted on: 19th Mar, 2010 05:26 pm
Hoping you can help,
2 properties
1st is my primary residence current value about 250k
1st mort with BofA 208k negotiating a reset
2nd mort with USB 189k attempting to negotiate a short pay with only 12k to work with:(
2nd property is a rental current value about 120k
1st mort with Freedom Mortgage 108k status is current
2nd mort with Chase 124k currently headed for charge-off 97 :roll: :roll: days delinquent.
Came across your info online, hoping you can advise.
Thank you
2 properties
1st is my primary residence current value about 250k
1st mort with BofA 208k negotiating a reset
2nd mort with USB 189k attempting to negotiate a short pay with only 12k to work with:(
2nd property is a rental current value about 120k
1st mort with Freedom Mortgage 108k status is current
2nd mort with Chase 124k currently headed for charge-off 97 :roll: :roll: days delinquent.
Came across your info online, hoping you can advise.
Thank you
Hi guestwheat,
You are in a bad spot with both of your properties. There are thousands of others who are facing the same situation. The depression in the real estate market and the downturn of the property values are forcing many homeowners to short sell their homes.
You can definitely negotiate with your lenders and see if they are willing to reduce the amount of the principal balance you owe. If you want to keep your primary residence, you can also request your lender to do a loan modification. As far as the rental property is concerned, you can check out if a deed in lieu of foreclosure is possible, because in that case the lender is most likely to forgive the deficiency.
You are in a bad spot with both of your properties. There are thousands of others who are facing the same situation. The depression in the real estate market and the downturn of the property values are forcing many homeowners to short sell their homes.
You can definitely negotiate with your lenders and see if they are willing to reduce the amount of the principal balance you owe. If you want to keep your primary residence, you can also request your lender to do a loan modification. As far as the rental property is concerned, you can check out if a deed in lieu of foreclosure is possible, because in that case the lender is most likely to forgive the deficiency.