You have not provided info on what type of loans do you have. If you foreclose a home, its going to be on your credit history for 7 years. Which can affect your loans & financial situation in future. So you want to be very careful in assessing your financial situation. A wise step might be to secure 30 year fixed loan on your home as interest rates are rock bottom.
Start with discussing with bank to negotiate your loan on first house. You can try short selling the first house and see if bank will be OK with it. Other option is that you could rent out the first house.
Best of luck!
Manisha Jain, Realtor
try Buckely LeChevallier. 503-620-8900.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
MARS Disclosure for General Commercial Communications
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.
Then I will list it and get it sold.
Principal Real Estate Broker
YOUR REFERRALS ARE ALWAYS GREATLY APPRECIATED!
Keenan Driscoll Realty
2445 NW Lovejoy Suite #2
Portland, Oregon 97210
Direct Line: 503-706-9126
Janeese Jackson, Principal Broker
Real Estate Resource
And please don't pay money to a loan modification service, as suggested by the Oregon Attorney General's office. An attorney is a must, but just make sure they're up to speed in the current financial and judicial climate as there's a lot going on in Oregon right now regarding foreclosures.
Best to you
PORTLAND (main office):
121 SW Salmon Street, Suite 1100 Portland, OR 97204
Tel: (503) 471- 1334
Fax: (503) 961-1862
Heard him talk many times and he can help point you in right direction.