Posted on: 17th Jan, 2009 04:00 pm
beach condo with an 80/20. ARM due to go up, rents down, value down 33%. Cannot keep up mortgages much longer. any advice? any investors around that might might want to buy out this place at market value and I hold the second with minor ownership? How might this work? Does it work? Is it feasible?
hi kc645d,
you can contact your lenders and try for a short sale or a deed in lieu. you will have to write a hardship letter to the lender. however, you should note that if you are current on your payments, then the lender may not accept your request.
apart from this, as there is a second mortgage on the property, you will still be liable to pay the second mortgage even though the first lender short sells the property.
you can contact your lenders and try for a short sale or a deed in lieu. you will have to write a hardship letter to the lender. however, you should note that if you are current on your payments, then the lender may not accept your request.
apart from this, as there is a second mortgage on the property, you will still be liable to pay the second mortgage even though the first lender short sells the property.
Hello- That is a tough situation. I hope it is not in Florida. Condo loans in Florida just keep getting harder and harder, and would make it hard to even sell your property there.
I agree with the other poster. Talk with your lender, as well as talking with a local government-sponsored (non-profit) agency that might be able to help you out of this mess- to some extent. Be careful- there are a lot of 3rd party questionable loan modification companies out there as well.
Thanks and good luck,
Ken L.
I agree with the other poster. Talk with your lender, as well as talking with a local government-sponsored (non-profit) agency that might be able to help you out of this mess- to some extent. Be careful- there are a lot of 3rd party questionable loan modification companies out there as well.
Thanks and good luck,
Ken L.
