Posted on: 09th Feb, 2011 04:34 pm
hello fellow members,
after few years of financial crisis, i decided to do something different rather than avoiding payments and paying minimums.
long story short here is my situation
i quit my stable job (how stupid) and started a business.
now, the business is not sustaining and i am collapsing hard...
amounts i owe is
first mortgage - 140k <-- about to be foreclsed
second mortgage - 28k <-- sent to another company and its currently on charge-off status
credit card - 18k <-- currently paying very expensive minimums
and i was looking at different options for the house at least. short sales didn't work, and now the current value in neighborhood is 100k.
it is very discouraging to payoff the both mortgages even with loan modifications.
what would be the best solution for the future in this situation?
thank you,
tony
after few years of financial crisis, i decided to do something different rather than avoiding payments and paying minimums.
long story short here is my situation
i quit my stable job (how stupid) and started a business.
now, the business is not sustaining and i am collapsing hard...
amounts i owe is
first mortgage - 140k <-- about to be foreclsed
second mortgage - 28k <-- sent to another company and its currently on charge-off status
credit card - 18k <-- currently paying very expensive minimums
and i was looking at different options for the house at least. short sales didn't work, and now the current value in neighborhood is 100k.
it is very discouraging to payoff the both mortgages even with loan modifications.
what would be the best solution for the future in this situation?
thank you,
tony
welcome taehlee,
you can apply for a deed in lieu of foreclosure in order to get rid of the property. however, after a deed in lieu of foreclosure, though you won't have to pay anything on your first mortgage, you'll have to pay off the second mortgage lender in full.
you can apply for a deed in lieu of foreclosure in order to get rid of the property. however, after a deed in lieu of foreclosure, though you won't have to pay anything on your first mortgage, you'll have to pay off the second mortgage lender in full.