Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

second home upside down

Author Message
Icon Mini Profile kc645d





Joined: 17 Jan 2009

Posts: 1

1.30 Dollars($)
Post Posted: Sat Jan 17, 2009 5:00 pm    Post subject: second home upside down
Like 0
Dislike 0

beach condo with an 80/20. ARM due to go up, rents down, value down 33%. Cannot keep up mortgages much longer. any advice? any investors around that might might want to buy out this place at market value and I hold the second with minor ownership? How might this work? Does it work? Is it feasible?
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10250
Location: ALASKA
1043.57 Dollars($)
Post Posted: Mon Jan 19, 2009 1:16 am    Post subject:
Like 0
Dislike 0

Hi kc645d,

You can contact your lenders and try for a short sale or a deed in lieu. You will have to write a hardship letter to the lender. However, you should note that if you are current on your payments, then the lender may not accept your request.

Apart from this, as there is a second mortgage on the property, you will still be liable to pay the second mortgage even though the first lender short sells the property.

_________________
Procrastination is the enemy of your financial success
Icon Mini Profile kenl314
kenl314
Ranked Lender

best lender badge

Joined: 12 Apr 2006

Posts: 51
Location: Brentwood, NH
21.79 Dollars($)
Post Posted: Mon Jan 19, 2009 11:11 am    Post subject: 80/20 beach condo-
Like 0
Dislike 0

Hello- That is a tough situation. I hope it is not in Florida. Condo loans in Florida just keep getting harder and harder, and would make it hard to even sell your property there.
I agree with the other poster. Talk with your lender, as well as talking with a local government-sponsored (non-profit) agency that might be able to help you out of this mess- to some extent. Be careful- there are a lot of 3rd party questionable loan modification companies out there as well.
Thanks and good luck,

Ken L.

_________________
For some interesting insight, please check out my Blog @ http://homequitybuilder.mortgagefit.com
Or visit my website at www.homequitybuilder.info
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

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

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 0.908 seconds.