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meld918 · Joined: 01 Mar 2010 Posts: 1 1.38 Dollars($)

Hi, we have an 80/20 30 year loan with a pretty good interest rate as we have pretty good credit. We live in Southern California and in the almost 3 years we've been here, the value has almost been cut in half and our income has been reduced by about 30%. After 2 years of trying, and losing a good chunk of money to a scam of a "loan mod company", we finally got our first lender to approve us for the loan modification. Well, it lowered our monthly payment by only about $300, and the second is telling us they don't modify seconds. At this point, my husband and I are at loss for what to do next. I don't think we'll even be able to make the modified payments, we've stayed mostly current but have missed a few mortgage payments. Do we short sale, let it foreclose or file bankruptcy?

sara · Posted: Tue Mar 02, 2010 1:59 am Post subject:

Hi meld,

If you are not interested in keeping the property, then it is better to sell it off. You do not have to file bankruptcy in order to get rid of the property. You can contact your first lender and apply for a deed in lieu of foreclosure. Though you will not be liable for the deficient balance resulting from the first mortgage, you would be responsible for the second mortgage.

Take care.

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Short sale vs. foreclosure vs. bankruptcy?

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