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 jakensteinn
Joined: 23 Aug 2009
Posts: 5
3.55 Dollars($)
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 Posted: Tue Nov 03, 2009 7:02 pm Post subject: Got two homes and can only afford one. What should I do? |
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| My wife and I have recently bought a new home that is larger than our first due to our growing family. We have tried to rent out the first home with no luck. We are getting behind on the first home's mortgage because we cannot afford both. What should we do? |
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Theo Faulhaber
Guest
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| Posted: Tue Nov 03, 2009 8:04 pm Post subject: SELL |
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| As tough as it might be, it sounds to me that you need to sell it. What other options do you have? A "possible" modification, Foreclosure? I know that's not what you want to hear but, cut your losses before it's too late. |
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jakensteinn
Joined: 23 Aug 2009
Posts: 5
3.55 Dollars($)
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| Posted: Tue Nov 03, 2009 8:21 pm Post subject: |
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| Thanks for the advice. The only problem with selling it would be that I am extremely upside down on the loan. Over $100,000. I've heard of something called a shortsale. How do these work? What are the ramifications of these? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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| Posted: Tue Nov 03, 2009 10:31 pm Post subject: |
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Hi jakensteinn,
Short sale is a loss mitigation option that helps avoid foreclosure. If your house is upside down, you can go for a short sale and save your credit from foreclosure. However, you will still be responsible for the deficiency from the short sale and your lender can go after you to recover the money. |
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