we need to move sooner than expected. we have a 1st mortgage of $158k and a home equity loan for $37k.

Asked by K, 12302 Fri May 2, 2008

is there anyway to transfer the home equity to a new home? what else can we do? we've only owned for 2 years--home equity is covering past debt. i think we can sell our home at a price to cover 1st mortgage, but not both combined and we don't have the money to pay off the other loan. please help. i'm very heartbroken over this as we're trying to move closer to family.

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Leslie Of Tr…, , San Francisco, CA
Mon May 5, 2008
Hi Mark,

Since you didn't provide an email in your profile, I'm afraid that I will have to reply to your answers publicly. You may not post an advertisement for your services on Trulia Voices. Please review our Community Guidelines located at http://www.trulia.com/guidelines/ and check out our Agent Best Practices blog post at the link below for more helpful information.

Best Wishes,

Leslie Taylor
Trulia Voices Moderator
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Christine Se…, Agent, Clifton Park, NY
Sat May 3, 2008
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
I am committed to working with homeowners to retain ownership and offer solutions when difficulties occur. Whether you are 1 month behind or facing a foreclosure sale date, you can take comfort in knowing that I am skilled at working with homeowners, lenders, and servicing agents. Get the facts on solutions to this problem by e-mail or over the phone from Christine Serafini.
0 votes
Gail Gladsto…, Agent, 11743, NY
Sat May 3, 2008
K, be very careful of all the scams that are out there right now...there is no such thing as a free lunch.

Your best bet at this point might be to sell as a short sale. A short sale is when the market value of the property is less than what is owed on it.

A Realtor will negotiate with your bank for you in getting the balance forgiven. Make sure you use someone very knowledgeable in the process.

If you contact me offline, I can put you in touch with some specialists in this area. Gail@GailGladstone.com
Web Reference:  http://GailGladstone.com
0 votes
Mark Wilton, Both Buyer And Seller, Buffalo, NY
Sat May 3, 2008
Are you in a financial difficulty or you need support in your finances? Do you want to raise an urgent finance for business or other personal use, Search no further, your very help is here. I am a private lender and has been helping people out on issues like this. I have testimonies for that. For more information contact me via email: mark_wilton3@yahoo.com
0 votes
Christine Se…, Agent, Clifton Park, NY
Sat May 3, 2008
I would consult a realtor to see wha the market value is of your home. You may be surprised at its value. Then I would call a lender that may be able to provide you with some financing options.
I am a full service Realtor in Schenectady County and if you would like to contact me direct please do so.
Christine Serafini
Miranda Real Estate Group, Inc.
(518) 514-8830
0 votes
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