I am late on my mortgage and struggling to catch up, today the mortgage brokers called and have offered to settle my loan.
What does this do to your credit and what would happen to the 2nd loan? Also its a Condo so who would be responisble for paying the condo dues?
Hi,what kind of settlement? Second loan will want their money. You should start taking to the second mortgage too.
You are responsible for the HOA as long as the property is under your name. Same as the house bills.
Please explain the offer.
Benito.
By the way Jllavoie,
Just a follow up...if you can do a short sale on the condo, that would have much less negative impact on your credit score than a foreclosure. If you are located where I believe you are, Tanya Busch would be the person to call! Her phone number is 689-9880 or her e-mail address is realtor@tanyab.com. Again, if you have any questions, please feel free to call me at 975-9330. Blessings!!
Hi Jllavoie,
Before you agree to settle the loan, please speak with a qualified Realtor so that you get good advice on your situation! There are many unscrupulous people out there trying to prey on people who have fallen behind in their mortgages. I would be happy to recommend someone in your area to help you out! Give me a call at (207) 975-9330 or e-mail me at steve@TheMidCoastGroup.com.
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