Home arrow Mortgage Forums arrow Mortgage Problems and Solutions arrow

Mortgage Defeciency

Author Message
Icon Mini Profile blancohawke





Joined: 22 Jul 2009

Posts: 2

1.86 Dollars($)
Post Posted: Wed Jul 22, 2009 7:00 am    Post subject: Mortgage Defeciency
Like 0
Dislike 0

I live in Florida and am underwater on my home. I have a first mortgage with a large bank for $300k and a second mortage from the same bank for $150k. The home is worth about $300k. How can I get rid of home and how do I avoid or mitigate a defeciency judgement against my other assets?
Icon Mini Profile timcrouchman





Joined: 20 Jul 2009

Posts: 52

0.00 Dollars($)
Post Posted: Wed Jul 22, 2009 9:15 am    Post subject:
Like 0
Dislike 0

you can not go away from your both the loans.

A first step would be to communicate clearly and early with the lender. You can consider alternatives such as a loan modification, waiving unpaid payments, extending the amortization or lowering the payments. Amending your agreement with the lender may provide you with relief and the lender may allow get paid back or avoid a foreclosure process.

you can transfer ownership rights of other assets to your family members as a safeguard.
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool






We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.044 seconds.