Archive for October 28th, 2008

I have two mortgage loans. Can I offer $5k to my second mortgage, to cancel the debt?

Posted in Renting & Real Estate on 10/28/2008 04:26 pm by admin
YoungGirl asked:


I have two loans- 441,000.00 and 77,000.00. House is only worth about 520,000.00. I need to get out of it asap. Can I offer the lender of the second mortgage some money to get out of it before I do a short sale on the first? I was thinking about $1000 to $5000. Thanks! I need all the answers I can get.
I owe 520k, it may only sell for that amount if I’m lucky, definitely not more. Can I please have people with experience in this answer the question. I’ve read that in some short sales, the second mortgagee gets zero.

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Is it impossible to buy a new home after a foreclosure?

Posted in Renting & Real Estate on 10/28/2008 03:26 pm by admin
Angelic asked:


My credit has been destroyed. I have a foreclosure and 2 repos on my credit. Will I be able to “start over’ in a couple years?How difficult is it to obtain financing after such detrimental blows to my credit? Thanks

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