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Replies (2)
- Linda Gillespie, "LindaGillespie"
- Contributions:19
Hello,
Your questions are not easily answered, because there are so many layers to the problems you described. I'm assuming that is why no other professional has responded to your post.
My experience has shown me that each mortgage company has different policies and each State has different regulations. Perhaps seeking legal counsel from an attorney experienced in recent Short-Sales or Re-negotiating home loans may be your best bet.
Chances are, you will not be able to simply buy a new home and walk away from your current. Perhaps you can renegotiate your loans to a better interest rate and monthly payment and consolidate the two? If you do not know a real estate attorney specializing in this, consult with a trusted local realtor who can point you in the right direction. If you haven't already done so, contact both your mortgage companies (aren't they the same?) to discuss options and push for solutions to the problem! Good luck!
Your questions are not easily answered, because there are so many layers to the problems you described. I'm assuming that is why no other professional has responded to your post.
My experience has shown me that each mortgage company has different policies and each State has different regulations. Perhaps seeking legal counsel from an attorney experienced in recent Short-Sales or Re-negotiating home loans may be your best bet.
Chances are, you will not be able to simply buy a new home and walk away from your current. Perhaps you can renegotiate your loans to a better interest rate and monthly payment and consolidate the two? If you do not know a real estate attorney specializing in this, consult with a trusted local realtor who can point you in the right direction. If you haven't already done so, contact both your mortgage companies (aren't they the same?) to discuss options and push for solutions to the problem! Good luck!
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
To finance another home you will need to qualify with your current PITI and the new PITI. You'll need at least four months of reserves. If you walk, do a short sale or have a foreclosure you'll have to wait three years before you can start the loan process, and of course, your credit score will suffer.
Happy funding, Rudi
Happy funding, Rudi
Do I have any options?
June of 2009, my ex-husband declared bankruptcy. Credit cards were assigned to me, nothing happened to the first mortgage, but the second is now in the bankruptcy dept of Well Fargo. I can't get it out nor can I get my ex-husband's name off the loan without a refinance. Every payment I make just makes his credit look better - good for him, bad for me.
First mortgage is $218,000, second mortgage is $110,000. Mortgage is Freddie Mac. Home value? $172,000. Credit score = 741. I am so upside down and wondering if I should just go buy another home and walk away from the one I'm in. I can make the payments, but don't have money for anything else. I'm trying to do the right thing, but why? Is there anything I can do with the loans - at least the second? Advice needed - please?
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