Foreclosure in 11778>Question Details

Pandjsmom77, Both Buyer and Seller in 11778

I have a 420,000 mortgage on a home worth about 280,000. My husband and I found another home we like and the owner is willing to hold the mortgage.

Asked by Pandjsmom77, 11778 Mon Jul 25, 2011

What will this do to our credit if we forclose on our current home. We are not behind on payments and do not want to foreclose but it seems like the only thing to do. If we sell it we will still owe too much money on it.

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Answers

8
Hi there! A good rule of thumb is that a short sale is NOT for those who WANT to sell, but only for those that HAVE to sell. If you are not in a financial hardship, you likely will not qualify. If you can no longer afford the payment, then you likely WILL quality. Be careful trusting your financial future to an agent claiming to be an "expert" after taking a weekend training class! We've literally closed hundred in the area. Let us know if you have any questions about the process. You'll also find my main sites the #1 resource for short sale information on the web -
0 votes Thank Flag Link Wed Jul 27, 2011
Hold off on buying anything until you resolve a short sale with the bank holding the mortgage on the home that you own. Also, make sure that you choose an attorney that knows how to handle a short sale as well as a real estate agent that has been certified to do so. If you purchase another home, even if the owner holds the mortgage, you can risk the chance of getting the first debt forgiven. I am a certified short sale and foreclosure specialist and I am currently working with bank negotiators. I also lived in Rocky Point for many years. My office is in Wading River and I would be glad to guide you. Best of luck!
0 votes Thank Flag Link Tue Jul 26, 2011
First of all you should speak with your attorney about situation.....if you qualify for a Short Sale I have a Short Sales & foreclosure resource certification....I also live in Rocky Point & we have busy offices in Rocky Point, Port Jeff Sta & Ronkonkoma so if you would like to do a short sale give me a call for a no obligation consultation.
0 votes Thank Flag Link Mon Jul 25, 2011
You do know that with loses like the one you are about to hand to the bank that they will come after you for the difference and they will go after the other house if they have to to get the difference! So if you walk they will haunt you!
0 votes Thank Flag Link Mon Jul 25, 2011
The best thing to do is to speak with your attorney, if you have questions regarding short sale, foreclosure, etc I will be glad to speak with you and explain the details..
Jane Zilpelwar
631-889-2997
jzilpelwar@yahoo.com
Remax Integrity Leaders
0 votes Thank Flag Link Mon Jul 25, 2011
I don't know all of the particulars, but based on what you've written, you seem eligible for a short sale on your home.. Feel free to call me to discuss.. I am with a local realtor who lists/sells quite a bit in Rocky Point.

Sincerely,

Lisa Molinelli
Bel Breeze Real Estate, Inc.
631-331-5100 x-123
0 votes Thank Flag Link Mon Jul 25, 2011
You can do a short sale and keep foreclosure off your credit. Also, we can try to get you off the hook for the deficiency. Our short sale services are FREE for homeowners. Please give me a call. I would be happy to explain the process to you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Mon Jul 25, 2011
Please call me. I will be happy to help you with it.

Thank you,

Barbara Moniuszko, Broker Associate

Baird & Warner

543 Pennsylvania Ave.

Glen Ellyn, IL 60137

(Mobile) 708-650-6665
0 votes Thank Flag Link Mon Jul 25, 2011
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