Posted on: 04th Aug, 2009 11:36 am
We had our first mortgage agree to a shortsale to house in Florida after we were transferred to Maryland where we bought a house. The house in Florida was on the market for 2 years, we did everything to pay both mortgages which now our credit card debt is through the roof. The 2nd wants us to pay the amount we owe. We applied for a modification on both homes and the one in Md. we still have not received an answer since December and the one in Florida said no. My husband works in the banking field, is he going to lose his job since we can't pay all of the bills? Would we be better going to foreclosure so we wouldn't owe the 2nd mortgage? Please someone advise.
michelle1121
Welcoem to the forum
Looks like you may be better off to walk away from the second home. looks like your late payments have already affected your credit score and report.
You will end up looising all the money you put in to the house, but you will have peace of mind
Good luck and feel free to ask
Welcoem to the forum
Looks like you may be better off to walk away from the second home. looks like your late payments have already affected your credit score and report.
You will end up looising all the money you put in to the house, but you will have peace of mind
Good luck and feel free to ask
though you let the lender foreclose the property, you would still be liable for the second mortgage dues. the second mortgage lender will not forgive the payments. rather there are chances that the second mortgage lender would charge off the loan to a collection agency who would in turn collect the dues from you.