i wish to sell my condo but it will not bring what i owe with my second mortgage-???

Asked by Betty Moss, Marietta, Georgia 20008 Wed Jan 7, 2009

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5
Matthew Share, Agent, Marietta, GA
Wed Jan 7, 2009
Betty,

You are certainly not alone. There is a great deal of this going around lately. The single biggest question you'd have to answer is: Do you simply "want" to sell your place or do you "have to" sell your place. If your current financial situation will allow you to keep making the payments on your place and you simply want to move for personal reasons other than financial hardship then there is not much you could do. In that case, I would point out to you that even if you have to pay cash at closing to sell, you will be able to get such a bargain on whatever you buy to replace it that it may be worth doing so. If, however, you are financially unable to continue to carry your home and can prove it then it is likely that you might be able to negotiate with your bank to do what is called a short sale. I would love to discuss this with you in more detail. Please feel free to contact me and I will provide as much help as I can.
0 votes
Hank Miller, Agent, Alpharetta, GA
Wed Jan 7, 2009
Betty -

Is it listed yet? If you want to shoot me an email with the address I'll run comps from an appraisal standpoint - that's probably where it will wind up.

You should try to contact the lender but many are unwilling to talk to owners unless they are behind - convoluted but that's seen right now. let me know if you need help -

Hank
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Bob Southard, Agent, Kennesaw, GA
Wed Jan 7, 2009
I agree with the other answers. The only real ways out are a "short sale" or you just bring the money to closing to pay the shortfall. Neither one is a pleasant scenario.

Could it be rented?

I live in Powder Springs but I work all over Marietta and Cobb. If there is anything that I can do to help, please let me know.
Web Reference:  http://www.AgentBobSells.com
0 votes
Lisa Allen,…, Agent, Roswell, GA
Wed Jan 7, 2009
Hi Betty,

You may want to consider a Short Sale...that is where the bank will accept less than what is owed on the mortgage. It can be a little more difficult is you have 2 mortgages with 2 different companies. Easier if you have one mortgage or both with the same company.

I am a Short Sale and Foreclosure Specialist and would be more than willing to speak with you about this process. There are many steps that need to be taken and you will definitely need someone who knows what they are doing.

Please call me and we can discuss this matter further,

Lisa Allen, REALTOR
404-925-8261
Prudential Georgia Realty
LisasListings@comcast.net
http://www.LisasHomeListings.com
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Joshua Jarvis, Agent, Duluth, GA
Wed Jan 7, 2009
Betty,

Sounds like you need to talk to someone who knows what they are doing with Short Sales or Loan Mods.

If there is a hardship (lost job, lowered pay, divorce, death in family) or if you are behind this may be how you can sell the place.

The link below takes you to my blog where I talk about short sales.
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