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Foreclosure on second home

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matt Guest	Posted: Fri Jan 09, 2009 2:24 pm    Post subject: Foreclosure on second home Like 0 Dislike 0 We recently purchased a second home thinking the sale of our first home was immanent. The closing never took place. We now have two homes but can only afford one. We owe as much as the house is worth. We don't want to lose both the first and second house. Should we let the first house go into foreclosure? Should we file Chtp 13? Suggestions?
Samantha Community Mentor Joined: 16 Sep 2005 Posts: 1609 Location: MASSACHUSETTS 150.97 Dollars($)	Posted: Mon Jan 12, 2009 10:17 am    Post subject: Like 0 Dislike 0 Hi guest, You can file chapter 13 provided you qualify for it. However, an easier way would be to rent the second home and use the rental payments to pay off the mortgage on that home. As for the fist home, I suppose you can afford to make the payments on it. may god bless you. samantha _________________ Know how to compare lenders with mortgage booklet

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