Got married &each own a house-trying to sell one to avoid paying 2 monthly mortgs.not selling .what are options? Foreclosure?Shortsale? Asked

Asked by jlrj2000, Wyoming Wed Sep 5, 2012

Got married we each own a house-trying to sell one to avoid paying 2 mortgages with no success..what are our options, we can't keep paying on?

Asked by jlrj2000, Wyoming • A moment ago

We have paid both houses monthly mortgage payments on time and in full, but life circumstances are making it difficult to continue to pay on the one home if we can't sell it soon. The market is slow and we have it listed for what we owe....please we need to get rid of this house! Suggestions appreciated!!! Should we foreclose on the one? What are the options?

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3
Gwen Stratton, Agent, Salt Lake City, UT
Mon Sep 10, 2012
Have you thought about renting one of the homes? Rental properties are hot right now, and you can hire a property management company if you're not interested in being a landlord. Just a thought...
0 votes
Allison Fish…, Agent, Ann Arbor, MI
Mon Sep 10, 2012
Call your mortgage company and ask them what options you have to short sale. Credit Unions, banks and certain lending institutions may have different rules. If you stop paying on one your mortgage holder will eventually foreclose on the home but I would recommend checking in to other options that may damage your credit less. Have you considered renting one of the properties? Have you checked to see if you qualify for HARP and may possibly be able to reduce the mortgage on one of the properties - it may ease some of the burden.

Good Luck!
0 votes
Michael Cheng, Agent, San Jose, CA
Wed Sep 5, 2012
You can't foreclose on your own property. The lender would do that to satisfy your debt delinquency. Short sale is certainly one good option you can try before looking at foreclosure. It'll be quicker and less painful on your credit history.
Web Reference:  http://www.archershomes.com
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