Compare Mortgage Quotes

Guest

In short here is our situation. We own three homes, one rented and fine, one we currently live in with too high a mortgage in CA, one we want to move to in Oregon. We cannot afford all as we are living on our retirement funds right now and they need to last a long time. Our CA home has been for sale for 60 days with no offers, most people are buying foreclosures etc. We are current on all payments. It is sadly obvious that this CA home will not sell in the current market and we cannot possibly continue to make payments. Do we just walk? Negotiate with the lender (we are trying with no success so far). Can they attach our assets (retirement?) if we walk?

Niicss · Posted: Mon Jun 02, 2008 2:14 am Post subject:

Welcome Laura.

Walking away will not solve the problem. Try to negotiate with the lender ASAP. If you cannot sell the house now then try out other plans like forbearance or some other repayment plans so that you can get back on track and can make payments as usual.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Laura,

Welcome to the forum.

If you cannot afford the mortgage of the home then selling should be your first option to choose. But in case you cannot sell the property then you can request the lender for deed in lieu of foreclosure.

Check out how you can avoid foreclosure with deed in at http://www.mortgagefit.com/deed-lieu.html

Feel free to ask if you have any further questions.

Best of luck,
Larry

brian1 · Posted: Fri Jun 20, 2008 8:48 pm Post subject:

Will it rent? The rental market in CA is very strong?

Brian

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Keep/sell/walkaway

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1