An attorney or title company will make sure that you get a clean title which means the liens must all be paid off by someone. Normally the proceeds from the sale pays off the old mortgage(s). If there is not enough money to pay them both off, then the seller will have to make up the difference or he can't sell it.... more
Don't pay for credit repair. It can all be done on your own. I will give you all the information you need. You will just need to take action. Save yourself $$. Although not a credit counselor per say, nor do I get paid to be. But we are credit experts.... more
a baloon payment is called that because in 5 years it blows up in your face.A lot of people found they could not cover the sudden payment the baloon demanded and lost their home. Do not count on being able to get another loan. It might not happen. Instead get a fixed rate mortgage and never worry about your payment increasing. Over the next 1.5-3 years interest rates WILL increase. When they do you will find it more expensive to get a loan. It may also be a lot harder to find loans.
I would suggest that you look for used and yes, even reposessed double wides. You can buy a repo'd double wide a lot cheaper than one on a lot or from a dealer.... more
Pam; First are you working with an agent for your short sale, or are you doing it yourself? The second can come after you, but if it goes into foreclosure, they are going to probaly lose even more. By law the first holder must give the second some compensation. I would call the second and try to negotiate a deal with them, but also have them, if there agreeable, to give you a release before you close. You dont have to sell the home, but its better than foreclosure. If you get foreclosed on you have have to wait for five years before fannie mae will approve a loan for you. Four years if you do a deed in lieu, and only 2 years if you do a short sale. All will require 10% down, and atleast a 680 credit score.... more