Foreclosure in 11778>Question Details

Rob, Home Seller in Denniston, KY

I have 3 bdrm 1 bth ranch no basement on 60x100 lot in sound beach with miller place school district.i have 2 mortgages on this home.

Asked by Rob, Denniston, KY Thu Jan 26, 2012

first is for 275000,second is for 350,000.from what i gather in my area my size home is selling for under 200000.i have found another home in shoreham double the size and property and i would like to buy that but what do i do with what i have?

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Jane..jaishree Zilpelwar’s answer
Hi Rob,

Today the bank's have few programs, do the loan modification, refinance, Harp, please check with your bank, and see if you can qualify under any program. If nothing else, the last resort will be doing the short sale. Please feel free to call for any questions on short sale, I will be glad to answer and help you. Good Luck
0 votes Thank Flag Link Thu Jan 26, 2012
It sounds to me like you are in a "short sale" situation. As an agent whose office is in Miller Place, I am very familiar with the Sound Beach area, and have handled many short sale transactions. I would be more than happy to assist you, by first assessing your situation and then putting you in contact with an attorney who specializes in short sales and can help you navigate this overwhelming process. Please feel free to contact me at any time.
0 votes Thank Flag Link Thu Jan 26, 2012
Rob, that same question is being asked across the country by millions of other Americans. There are a few programs that allow for refinancing under FreddieMac or FannieMae and would require you to check with a loan officer to see if you qualify. There are always options to look at depending on your income and credit. Once a profile is established you should speak to both a Realtor and Loan Originator you trust and along with a good attorney look at all of your options.
0 votes Thank Flag Link Thu Jan 26, 2012
It sounds to me like you would be putting the house on the market as a short sale. Short sale means that the bank(s) will have to agree to take less than which is owed on the property.

As you show you are from out of state, I am assuming this is a second/investment home. What happens when you sell an investment property "short," is that the difference between what you owe on the house and what the house is sold for becomes an income item on your returns and you will have to pay tax on the amount the bank(s) are not collecting.

If you wish to discuss further, feel free to write or call. 631-425-6150
0 votes Thank Flag Link Thu Jan 26, 2012
Without much information--do you plan on selling the property you currently own, can you carry another mortgage, other expenses, etc., or will you be purchasing in cash; are you being foreclosed, if so before considering any other purchase, do consult with an attorney who specializes in real estate, see what options you may have....
0 votes Thank Flag Link Thu Jan 26, 2012
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