Posted on: 21st Sep, 2008 07:19 pm
We got a single residential home for $450,000 last Oct 06. And because of medical reason I cant afford to pay the mortgage anymore. A friend recommended an agent to do a short sale, wegot a buyer for $290,000 but cancelled the deal @ the last minute of our due date. My agent requested an extension to sell it out again which got approved for an extra month but since then we are not getting any buyer. I was thinking to do DIL but I have 2nd mortgage. What do you think is the best option to my problem?I think I have no other solution other than foreclosure.I hope somebody could help me resolve my problem.
hi mariceluyrobles!
welcome to the forums!
i can well understand your situation. signing a deed in lieu will be difficult for your property as there is second mortgage on it. the reason is that this second mortgage will remain as a junior lien on the property after the signing of deed-in-lieu. however, in case the second lender issues a second mortgage charge off, then your problems will be less. "second mortgage charge off" means that the lender no longer intends to collect the debt from you. but i would insist that you keep on paying the debt on a monthly basis as much you can afford as it will improve your credit to some extend.
to know more about "second mortgage charge off" in further detail, you can refer to our forum discussion at :
http://www.mortgagefit.com/second/dil-deficiencyjudgment.html .
feel free to ask if you have further queries.
sussane
welcome to the forums!
i can well understand your situation. signing a deed in lieu will be difficult for your property as there is second mortgage on it. the reason is that this second mortgage will remain as a junior lien on the property after the signing of deed-in-lieu. however, in case the second lender issues a second mortgage charge off, then your problems will be less. "second mortgage charge off" means that the lender no longer intends to collect the debt from you. but i would insist that you keep on paying the debt on a monthly basis as much you can afford as it will improve your credit to some extend.
to know more about "second mortgage charge off" in further detail, you can refer to our forum discussion at :
http://www.mortgagefit.com/second/dil-deficiencyjudgment.html .
feel free to ask if you have further queries.
sussane