Posted on: 04th Apr, 2010 12:22 am
currently we have only one imcome with 3 houses mortgages payment. my husband got layoff. if i want to do short sale on my 2nd mortgage (i own 107k) and 3rd mortgage ( i own 81k) will this be possible? i just refinance my 1st mortgage, what is the best option on that? i want to keep my first mortgage but i am still own $237k, what is the solution for my 1st mortgage? if i have 401k and profit sharing from my work, will the lender take it? what is best option for my situation? please advise.
thank you :-)
thank you :-)
Hi VIYADA,
I guess you have 3 properties and there are 3 mortgages on it. You want to short sale your 2nd and 3rd property. You can apply for a short sale with your lenders by writing a hardship letter. Depending upon your financial situation, the lender may or may not agree for a short sale. If the lender agrees to the short sale, then you would be liable for the deficient balance. If you do not pay the deficient balance, then the lender will charge it off or garnish your savings account or your wages.
If you want to keep your 1st property, then you will have to continue making your payments as per the terms and conditions. If you're facing problem in paying off the loan, then you should contact your lender and apply for a loan modification.
I guess you have 3 properties and there are 3 mortgages on it. You want to short sale your 2nd and 3rd property. You can apply for a short sale with your lenders by writing a hardship letter. Depending upon your financial situation, the lender may or may not agree for a short sale. If the lender agrees to the short sale, then you would be liable for the deficient balance. If you do not pay the deficient balance, then the lender will charge it off or garnish your savings account or your wages.
If you want to keep your 1st property, then you will have to continue making your payments as per the terms and conditions. If you're facing problem in paying off the loan, then you should contact your lender and apply for a loan modification.