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Jim Ludes

Agent

REALTOR (11 years experience)

1 Recent Sales (last 12 months)

Specialties:
Buyer's Agent,
Listing Agent,
Short-Sale,
First-Time Buyers

Advice

  • (4 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

What is the best way to get out of an upside down mortgage on a 2nd home without hurting my credit?

Answer

There is no best way. Like mentioned, the only way to do it without hurting your credit is to bring your checkbook and cut a check for the amount you're upside down. The other options (short sale, deed in lieu of foreclosure or foreclosure) ARE going to hurt your credit. There's no two ways about it. There are varying degrees of how bad it's going to hurt, but it'll hurt nonetheless. If you don't have the capital to make up the difference, continuing to rent the home is your best bet.

  (0)
market analysis

Answer

If you're still looking and want a third opinion, I'd be thrilled to help you out!

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