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Asked by Lori, Long Beach, CA Sun Jan 25, 2009

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The Hagley G…, Agent, Pleasanton, CA
Sun Jan 25, 2009
I would short sale your current home and move on. If you apply for a new loan, you're going to have to be able to cover both mortgages to qualify. Your current lender may not want to talk iin that $100k if there is no equity.
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Maggie, your…, , Long Beach, CA
Sun Jan 25, 2009
Hello Lori,

First and foremost, you need to speak with your current lender and ask them to modify the terms of your loan due to your hardship. They will either say yes or no. If you don't qualify for a loan modification, then the next step would be to do a SHORT SALE, where the lender accepts a value less than the amount owe to them.

I have a question for you have just one mortgage on this home? If so, then the lender will not be able to take any further action against you for this deficiency. California is a single action state. The most important advice I can give you is to AVOID any sort of foreclosure and either do a short sale or do a loan modification (loan workout) with your lender.

If you have any other questions, please contact me at 310-890-3271, I am a very experienced real estate professional who has successfully helped both buyers and sellers negotiate short sales over the past 18 months with the lender.
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Cyndie Kalina, , 90803
Sun Jan 25, 2009
Hi Lori,

Without knowing all the details of your situation I suspect you will probably have to work out a short sale with the bank. This is happening a lot these days. If your move is unavoidable then the bank should work with you. Please call me if you would like to talk about specific details and options available.

Cyndie Kalina
Prudential California Realty
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Lourdrie McN…, Agent, Long Beach, CA
Sun Jan 25, 2009

Hi, are you being relocated from your job. The reason I ask is because you may have relocation benefits. Some companies pay off the difference to move their employees to another location. Otherwise, you are probably looking at a short sale. Feel free to call me at 562-879-9677 and we can go over your situation.

Lou McNamee
Coldwell Banker
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Jeremy Lehman, Agent, Garden Grove, CA
Sun Jan 25, 2009
Hi Lori, your situation is understandable. Do you absolutely have to move? In todays market, a lender is not going to allow the extra 100k to be tacked on to your new mortgage. You should speak to your lender to see what other options there may be. It does appear that more lenders are willing to work with their customers today than last quarter.

Jeremy Lehman
Century 21 Beachside
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