I am over and under on my home loan.
I owe more for my home than what it is worth with an adjustable rate morgage up in June. No one will refinance us because we have no equity in are home. I am tring to get a loan for a new home which is very likely. Is that a good idea I will have to walk away from old house if loan goes thru
Talk to the lender about arranging a short sale in lieu of foreclosure. They sell the house and ask you to pay the difference between what it sold for and what you owe.
The benefits of this are:
* doesn't hurt credit as much as a foreclosure
* a planned short sale will likely bring more money than a foreclosure fire sale
* you can try to find a buyer and plan when you move
* if you have a short sale and owe money at the end, it is more likely to be negotiable instead of them suing you for the difference and they may be willing to settle. This is a maybe. You'll certainly prevent extra legal fees tacked onto the amount owed because of foreclosure.
* If you say you can't pay and ask for a short sale, they may be willing to work with you to refinance payments.
I hAve never been late on a payment and I heard they won't do it unless you have missed payment. Also I won't be abe to afford paying the house off with another house payment.
by Shepherd's Lamb 21 months ago
I just want to discuss what's going on in my little head right now and hope to hear from those of you more educated on the subject.I qualified to buy a condo in 2004 (six years ago). I paid $6,000 cash for closing. Two years later I refinanced to get into a fixed interest rate of 5.5%...
by Julie Grimes 7 years ago
What's a short sale, and how does it differ from a foreclosure?
by beachbumrealty 6 years ago
If you will be asked, will you consider a short sale?I have this friend who is distressed because of his mortgage debts. His attorney told him to offer his property for less than its market value. Please help, I want to hear from you.
by elmo0203 7 years ago
I am trying to find the investor of my home loan. i am trying to find out if either mac is...the investor on my home loan. do youto
by passion dad 7 years ago
can i get a va home loan for a place outside of the usa?yes i like to know if i can get a va loan but buy a house outside of the usa due to my medical condition suffered in the iraq war my doctor told me it would be best for my condition.
by confusedgirl99 7 years ago
I am a bit confused as to what the best path is for us to take. We purchased our home about 5...1/2 years ago. Right now we are in a 30 year fixed rate mortgage at 6.125. We need to add on to our home, but we can get a very small amount of cash out since home values have dropped and we've only been...
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