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Answers (12)
- Nancy Mura, "Nancy_Mura"
- Contributions:2
I pretty much agree with everyone's comments about being able to negotiate away the second loan...not sure if you said if it was with same bank which raises the chances. However, I am not sure what one of the posters meant by "you can buy another house, right away." I have negotiated all of my short sales very successfully and yet not one person could buy "right away." While it is MUCH better to short sale than foreclose, I believe you are still looking at about 2 years for forgiveness.
Why would you want a loan mod if you out grew your home?
Why would you want a loan mod if you out grew your home?
- Claudia Gerardino (Yo hablo su idioma), "Denver home for sale"
- Contributions:62
I agree with tyler Boshart, Just do a negotiation with the second they will normally agree to 10% or 15% of your total second loan amount balance, also You may want to consider a LOAN MODIFICATION on both loans, I will recommend to contact your lender and they will send you the application you need, you don't need to be late to do a modification, Rememebr the BANK may prefer to help with a modification than a shortsale in some cases. Good Luck
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
With the right agent and the correct process you can sell your home by short sale and move to another home right away.
- Tyler Boshart, "TyBoSellsHomes"
- Contributions:24
I am not sure by now if you have already moved on, or if you are still living in your house that you are upside down on. If you have two mortgages, you will be able to negotiate your 2nd down to 5-10% of what its worth and just pay that off. If you aren't able to come up with the cash to do so, you can contact me and I would be happy to discuss your options for you whether you want to stay in your home or not.
- David & Maria-Nella Landman, "PrimeOne Realty"
- Contributions:101
A short sale is better than nothing. Let the house go to foreclosure is the worst scenario for you. Of course that you may need to consult an attorney for any legal concern you may have, but a short sale is a negotiation between you and your lender to try to get any deficiency forgiven,( That is the difference of what the house will sell for and what you owe to your lien holder). A foreclosure may bring a deficiency judgement after the auction which you will be liable for. Besides, if you get a foreclosure on your personal credit report that can create a problem later on to get a screening for a federal job and other issues like that. A short sale with erase those concerns...
- sunnyview
- Contributions:25139
Do not pursue a short sale without talking to an attorney first. Agents can help you estimate your home's current market value and market it during a short sale, but there are legal and tax issues that you need to get more information about first. Get all the info you can and then make the decision that is best for you.
- Eugen Pop, "Eugen Pop"
- Contributions:363
Hi Lobo,
A Short Sale is an option for people that can't afford their payments any more due to certain hardships. A Short Sale will not work in your situation because it could take a couple of years if not more before you can buy another house due to the Short Sale on your credit.
- Lisa Birdsong, "Lisa Birdsong"
- Contributions:49
Hi Lobo, Short Sales are intended to aid homeowners with a hardship, not simply help them sell their home because they owe more than it's worth or have high interest. You might consider refinancing and eliminating the second loan, thereby reducing your monthly payment. But based on what you've stated here, you're not a candidate for a short sale.
Good luck to you!
Good luck to you!
- Brett Matsuura, "Brett Matsuura"
- Contributions:27
A short sale is when a property is sold for less than what is owed. If the combination of your 2 mortgages are more than the value of the property and you have a financial hardship then you could short sale. If you were to short sale the property, it is unlikely that the 2nd mortgage would be paid in full. You should speak with a local Realtor.
- Leah Henderson, "Columbiahomes"
- Contributions:12
This sounds like a lifestyle move. A short sale is for a hardship move. Consider listing the house and selling now before a financial hardship arises. Also, you may be able to rent the house out and purchase a new house. Speak with a lender about your options for financing. Then talk to an agent about an aggressive marketing plan.
Good Luck
Good Luck
- Michael Emery, "MikeEmery"
- Contributions:7298
If you expect that your current lender has to take a loss on the mortgage so you can move, don't anticipate buying again for another two plus years.
Think about it. Would you lend money to someone who lacked the ability to pay their past debts?
Think about it. Would you lend money to someone who lacked the ability to pay their past debts?
- wetdawgs
- Contributions:26833
In order to qualify for a short sale, you need to demonstrate to the lender that you've had a hardship affecting your ability to pay the mortgage and second mortgage. This could be job loss, a death, divorce, serious medical issues and a number of other issues. Having outgrown one's house isn't considered a hardship related to qualification for a short sale.
Once you've had a short sale (if you qualify), you may discover it is a couple of years until you qualify for another mortgage.
What are your options if not qualified for a short sale? You can sell and if underwater you can pay back both loans in full. Then, move on to purchase another home. Or, you could consider a strategic default if you don't wish to purchase for some time.
Once you've had a short sale (if you qualify), you may discover it is a couple of years until you qualify for another mortgage.
What are your options if not qualified for a short sale? You can sell and if underwater you can pay back both loans in full. Then, move on to purchase another home. Or, you could consider a strategic default if you don't wish to purchase for some time.
Is Short Sale the Answer to OUr Problem
For the amount we are paying for our 2 mortgages, we could live in a bigger house, allowing our children to have their own room - with three kids and three badrooms we are really crowded at this point...
thanks!
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