Compare Mortgage Quotes

Guest

I live in NJ, and recently lost my job. My wife still works and I am collecting a pension and social security. I am current with my mortgage payments but can not continue like this.
So, what if I purchase a second home (I Received a pre-qualification for it), then once I move into the new home I contact my lender on the first property and start the Deed in lieu process.
What are the ramifications?
Thanks,

adonis · Posted: Sun Nov 21, 2010 11:22 pm Post subject:

Welcome AK,

If the property is your primary residence, then you won't be liable for paying the deficient balance resulting from the property sale through a deed in lieu of foreclosure. However, if the lender does not consider this as your primary property, then you will be liable for paying the deficient balance resulting from the property sale.

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

Compare Mortgage Quotes

My mortage issues

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1