Home Selling in Anaheim>Question Details

Jonathan, Home Seller in Anaheim, CA

I have a first and second mortgage...combined I owe 268,000 on First and 127,000 on Second...Home now is

Asked by Jonathan, Anaheim, CA Sat Nov 1, 2008

worth 315,000 what can I do? Jonathan

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4
If you really have to get out of the property, a short sale is probably the only option to exit somewhat graciously. You might be able to rent out the property, but the rent you could get may not cover your mortgage payments, taxes and insurance.

If you do need to sell, we can help you out. We specialize in helping people in your situation.
0 votes Thank Flag Link Thu May 27, 2010
Just looking at the numbers this does not appear to be a case of just 100% financing with an 80/20 on a home bought during the bubble. It appears that you took money out on the second, which if that is the case, then you owe the bank the money you borrowed. Your home was the collateral, but you still borrowed the money. I have more sympathy for people who did 100% financing than for those that took out seconds and now don't want to pay it back.
0 votes Thank Flag Link Sun Nov 2, 2008
Jonathon - I agree with Rockin Blu's assessment. Your question is "what can I do"... the answer is nothing. Your home is just that - your home. What you can do is keep living there and keep making your mortgage payments and keey enjoying your life, and enjoying your home. If you must move, consider renting the home out. To truly offer you alternatives, we simply need to know more about your situation.
0 votes Thank Flag Link Sat Nov 1, 2008
If you HAVE to sell, 'short sales' are becoming more and more common. What that means is, the lenders will accept less than the amount owed. It used to be that if you had a second mortgage, you couldn't do a short sale but these days you are able to do so (at least in our area). This does affect your credit rating but it's not as bad as a foreclosure. Look for a local agent who is experienced with short sales because it can be complicated as far as paperwork, etc.

If you don't HAVE to sell, sit tight and try not to worry. Real estate always comes back, especially in California.
0 votes Thank Flag Link Sat Nov 1, 2008
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