Posted on: 18th Apr, 2008 10:42 pm
supposedly the short sale from the way i understand will pay the primary 1st 67k then whats left will go to citi. (total amount owed is 105.000k) 26,000k short(citi fi) of paying off both. the short sale of the house will be for 79,000. however our agent is trying to buy 3 months more time to try to sell for more. home is appraised @ 137,000 but probably really worth 110,000 maybe!!!. if that don't work we may possibly seek bankruptcy and try to have citi financial discharged for what is left owing to them. the bank (primary) will be satisfied. are we possibly better asking the bank for a deed in lieu of foreclosure. the bank has been a little flexible with us because we have paid so much extra on the principal and dropped our mortgage from a 30 yr. to a 12yr mortgage with a perfect payement history. after illnessess we still have accumulated more significant debt and owner financing is our only hope of ever owning a home again after working so hard for so long, and we would hate to have a lien put on our new home if possible.
can i ask what a dificiency judgement is? thanks much.
can i ask what a dificiency judgement is? thanks much.
Hello pricephyllis,
In case both of the lenders are willing to accecpt the DIL then you can think about it but remember that it will have negative effect on your credit. your score will be dropped by 200 to 250 points. But the lender may not seek a deficiency judgment.
In case both of the lenders are willing to accecpt the DIL then you can think about it but remember that it will have negative effect on your credit. your score will be dropped by 200 to 250 points. But the lender may not seek a deficiency judgment.
you seem to have lost hope of home ownership in the future. please don't. not all setbacks are permanent - virtually all of them are temporary. you can bounce back from this episode of your life, but you need to maintain as positive an attitude as you can.
you'd be best served to discuss the possibility of a lien being placed on a new dwelling with your legal counsel.
you'd be best served to discuss the possibility of a lien being placed on a new dwelling with your legal counsel.
