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dss1975 · Joined: 02 Dec 2009 Posts: 1 1.46 Dollars($)

Hello and thank you in advance for your time.

I am sure this exact question has been asked about 1 million times so I do apologize if it seems repetitive.

I am currently unemployed and have missed aprox 4 months of my mortgage. I owe about 140 and have a second mortage for 46K and the home owners assoc. says I owe them 7K in fines. (due to dog crap in common areas they asses legal fees and fines yet have never been legally taken to court)

The town house has an aprox value of 170K now down from 195K 2 years ago.

My question is will I be able to short sell the house or will i be forced to file bankruptcy or possible foreclose...

I also owe about 6K in cc debt but that is in my fathers name so I dont have any cc debt to date in my name.

I have a couple dif people that might be interested in buying the house as a short sale if the price were great.. ie 140K

Thanks again for your help and I look forward to your response.

Dave
(illinois res)

smithsussane · Posted: Wed Dec 02, 2009 7:54 pm Post subject:

Hi Dave!

Welcome to forums!

You will be able to short sale the property provided your lender agrees to it. You'll have to write a hardship letter to the lender and explain your financial situation to him. The lender will let you know whether or not he would accept your request.

Feel free to ask if you've further queries.

Sussane

Guest

Thats great news, I just had one other clarifcation. With a short sale what happens to my 2nd lien and the monies the homeonwers assoc thinks they deserve (aholes)

Thanks for your help again and thanks for the welcome!.

Dave

adonis · Posted: Thu Dec 03, 2009 10:45 pm Post subject:

Welcome back David,

You will be responsible to pay off the second mortgage. The second lender will have the rights to collect the dues from you. If you do not pay off the second mortgage dues, the lender would send the loan to collections.

As far as homeowners association fees are concerned, you will have to pay them off before the property is short sold. If you don't, then they may place a lien on your property which will make it difficult for you to sell it off.

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