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Home Selling in Solano County : Real Estate Advice

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Activity 26
Tue Aug 25, 2009
Steve answered:
First things first... you need an attorney. But, it's likely you can settle the 2nd for a fraction of what's owed and clear it out. That appears to be common enough nowadays, as in most cases the 2nd gets nothing otherwise. There may well be tax implications on a unpaid recourse second mortgage debt... not entirely sure.

I would suspect you could accumulate enough cash during the "rent free" time of the walk-away to cover associated expenses from defaulting on the second. But get a lawyer, as every owner's circumstances and every mortgage is different.
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Wed Aug 5, 2009
Vibha Mehra answered:
If CITI is your second lender then please pray a lot as I am praying for the fate of one of my sellers. They are abnoxious and uncaring. I think they really are under a lot of water so they are not letting me close on my transactions for the second offer I have negotiated on this loan. Most seconds take $3000 from the first lenders, release the lien and call it a day but not CITI. Even though I am getting Citi $8000 on a $70,000 second mortgage, they want $15,000 even if I or anybody does not take anything home, they don't want to listen. The worst thing is they don't even care. The worst thing is that in NJ, they cannot recover anything from the seller, if the seller files for bankruptcy. ... more
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Wed Aug 5, 2009
Vibha Mehra answered:
Please, I urge you to look for an agent very carefully. This agent if is not somebody who cares, can take you to the door of foreclosure and you would'nt even know what happened. There are some agents who are working this transactions in large volumes and may not give you their individual attention and there are some who are too big to take care of these measly shortsales. You want an agent with the right mix of experience and care. Many agents out there who are not detailed enough to handle this complication especially my friend if you have multiple mortgages with multiple lenders. If that is the case, the task is extremely daunting. Be careful. Good Luck. ... more
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Wed Mar 4, 2009
Tara Steinke answered:
Hi Mike,

Since you have a legitamate financial hardship you may be eligible for a loan modification on either or both of your properties. The glitch here is in order to get an approved modification you need to be showing some income. I would consult with an attorney or a modification specialist. Many homeowners are looking at your same scenario and there are options out there. You may consider going late on your payments and hopefully in a couple months you will have a new job and can show the income to qualify for the loan mod (especially if it is a lower paying job). Many lenders would rather find a viable option to keep you in the properties than have you headed towards a looming foreclosure.

But, again, I am not a lawyer or loan mod specialist. Definitely seek out some qualified advice.

Best of luck... you are not alone.

Tara Steinke
San Diego Real Estate Professional
Residential Sales and Appraisal
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Mon Jun 9, 2008
Mary Storer-Sanborn answered:
Hello Mark! Your question is best answered by an Attorney who specializes in Probate, like Attorney Jim Storer 203-270-0772 or Anne Ragusa in Newtown, CT, and until the property has been properly probated by the Probate Court, it can slow things down. I would encourage you to call them for specific answers-keep in mind an attorney would also handle the real estate contract in CT and guide you through this process.

All the best!
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Thu Feb 14, 2008
Barbara Adams answered:
Hello Esther: I cover the Benicia area and could do a market value report based upon a visit to your home to discuss the current market conditions, the condition of your home, the upgrades in your home and its location in the community, water views etc. I'd be happy to do so by having you call me directly at 707.673.7500, I can supply you with recent sales data for that size of condo in Benicia if you give me a call or visit my website at anytime to get acquainted with me! -Barbara Adams, REALTOR Solano county and beyond... ... more
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