Posted on: 14th Aug, 2008 02:58 pm
Do to a divorce and unknown debt from my ex-husband I do not have the funds to continue paying all of my bills.
It seems my only option is to sell my house and rent (1/2 the price).
However, we will be about $25,000 short on paying of our 2nd mortgage with proceeds from the sale. Can we make arrangements in advance with our 2nd mortgage company to continue paying the debt until pay'd off? Or with this stop our chances from even being able to sell our house to begin with?
It seems my only option is to sell my house and rent (1/2 the price).
However, we will be about $25,000 short on paying of our 2nd mortgage with proceeds from the sale. Can we make arrangements in advance with our 2nd mortgage company to continue paying the debt until pay'd off? Or with this stop our chances from even being able to sell our house to begin with?
Hi Jennifer.
Welcome to the forum. Have you consulted with the lender? If not then you should do it ASAP. If you cannot afford to make the payments any more than short sale is the best option as it will not affect your credit report much. If there is any outstanding balance on the loan then you can make the payments with a repayment plan. But the lender has to agree to this. Hope it helps. Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum. Have you consulted with the lender? If not then you should do it ASAP. If you cannot afford to make the payments any more than short sale is the best option as it will not affect your credit report much. If there is any outstanding balance on the loan then you can make the payments with a repayment plan. But the lender has to agree to this. Hope it helps. Feel free to ask if you have any further questions.
Best of luck,
Larry