Comments on: Need And A Advise On Foreclosure??

By: Lion J

Lion J — Fri, 19 Feb 2010 22:20:08 +0000

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

By: acermill

acermill — Fri, 19 Feb 2010 18:27:17 +0000

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 ?

By: Mark H

Mark H — Fri, 19 Feb 2010 14:10:04 +0000

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.