Feb
19
Need And A Advise On Foreclosure??
ByI am in a big dilemma.. I bought the house 2.5 years ago and about 8 mo my wife got a job at 95 miles away. I drove 30 miles same way. We tried to sell the house but had bo luck and I’will have to move closer to my wife’s job because of the kids. If I don’t sell the house I will stop making payments because we can’t afford 2 payments. The place where I move the market is even worst than where I am now and I tried to contact the bank to see if it’s possible to kind of do a mortgage transfer on another foreclosed house in the new place and they told me that it’s not possible. I don’t know what to do.. How to avoid foreclosure, but can’t avoid two house payment.Can you give me some advise, what should I do?
3 Comments
February 19th, 2010 at 2:10 pm
Even if the second property gets foreclosed, does not mean you will be out of debt. If the bank takes back that property, and say you owed $150,000 on it. If the bank can only sell it for $125,000, you will still owe that $25,000 plus any other fee’s the bank incurred.
February 19th, 2010 at 6:27 pm
You can attempt to negotiate with the lender for a ‘deed in lieu’ (voluntary foreclosure) or perhaps a short sale. In either event, your credit is going to take a serious trashing, since both indicate a failure on your part to live up to your financial obligations.
Have you considered attempting to rent out your current house, so that you can handle the payments until you get it sold ?
February 19th, 2010 at 10:20 pm
You may be able to negotiate a deed in lieu of foreclosure with your bank. If not, I can negotiate with your bank for a short sale. They would rather do that than take it all the way to foreclosure. That’s expensive for them, and time consuming. They would likely take less than what is owed to avoid all the mess and hassle.
Just call me at 425-870-8576, or go to my web site at http://www.addaprop.com