Posted on: 11th Sep, 2009 06:59 am
I have a $155k 1st and a $129k 2nd (LOC) on a home worth about $200k now IF it would sell. Both mtg's are with Wells Fargo. My wife recently lost her job (half our income) and I am in a position that I will have to do something very soon (i.e. walk away, short sale, foreclosure etc. ). What course of action would you recommend for my situation?Helpless in AZ
First thign you need to do is call yoru banck and explain your situation and ask for loan modification. Lot of poeple in this situation have got thier loan modified and keep thier house
The govermnet programs are desinged for situation like this
The govermnet programs are desinged for situation like this
Hi Guest!
Welcome to forums!
In my opinion, it would be better if you could go for a deed in lieu of foreclosure. This will help you in surrendering the property to the lender. The lender will sell it off to recover his dues. Due to the present market situation, the lender will not be able to recover the mortgage. There would be a deficient amount from the sale. However, the lender will forgive this deficient amount and you won't be liable to pay it off.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In my opinion, it would be better if you could go for a deed in lieu of foreclosure. This will help you in surrendering the property to the lender. The lender will sell it off to recover his dues. Due to the present market situation, the lender will not be able to recover the mortgage. There would be a deficient amount from the sale. However, the lender will forgive this deficient amount and you won't be liable to pay it off.
Feel free to ask if you've further queries.
Sussane
I still strongly suggest for loan modification. Deed in lieu will make you loose your house and also your investment