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Foreclosure in 11743 : Real Estate Advice

  • All32
  • Local Info2
  • Home Buying15
  • Home Selling7
  • Market Conditions0

Activity 2
Fri Jul 25, 2008
Cori Kaplan answered:
Hi Carlos,

The answer depends what you are trying to do.

If you are trying to have them take over your mortgage payments. It can be done if your lender allows assumption of your mortgage. Your lender can tell you if your loan allows this.

If you are trying to have this individual be your new lender. This can be done by having them payoff your existing loan. You can then make payments to this individual instead of your bank.

Please fell free to call me directly if you have any questions,631-944-8829.

Cori Kaplan
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Thu Jul 24, 2008
Cori Kaplan answered:
Hi Walitola ,

I would ask your mortgage person who is helping you with the refinance. He would be able to tell you how a short will affect your credit.

In order to get the short approved, you will need to show financial hardship, ie that you will not be able to afford the payments. The bank will then do its own appraisal to see what the value is. The process is not quick so I would contact your current lender ASAP.

Please feel free to call me if you have any questions or need help with comparable sales.

Cori Kaplan
... more
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