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 joshuacastro
Joined: 28 Jun 2009
Posts: 1
1.42 Dollars($)
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 Posted: Sun Jun 28, 2009 3:46 pm Post subject: REALLY Upside Down, I make good money, house wont sell, what |
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| I bought a single family home as an investment in Phoenix (Ilive in California) about 6 years ago. I refinanced it a few years ago. I currently owe 160,000 on the first and 48,000 on the second (equity line of credit). The house has a market value of 40 to 50 thousand dollars. I make about 70k per year so it would be hard for me to justify a hardship. I've had it on the market for over 90 days now and no one has made an offer. I'm thinking of offering Countrywide a Deed in Lieu. Someone has told me I should offer to pay off 1/3 of the second to make it a better deal for countrywide. Since it's an investment property I assume I will be liable for all the taxes of the difference between what Countrywide sells it for and what I owe, is this true? Anyone else have any ideas? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Sun Jun 28, 2009 8:41 pm Post subject: |
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Hi joshuacastro!
Welcome to forums!
Though your lender accepts a deed in lieu on your first loan, you will still be liable for the second mortgage. There are chances that the lender would charge off the second loan. As far as I know, as it's an investment property, you'll have to pay the taxes and the deficient amount resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane |
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joshucastro
Guest
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| Posted: Sun Jun 28, 2009 8:51 pm Post subject: question |
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Sussane,
What exactly does it mean that they will charge off the second? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Mon Jun 29, 2009 12:42 am Post subject: |
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Hi joshucastro!
Welcome to forums!
If you are not paying your debts on time, the lender charges off the loan and then a collection agency collects the dues from you. The lender is no more interested to collect the dues from you and has thus sold it off to a collection agency.
Feel free to ask if you have further queries.
Sussane |
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