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Posted by Jay on December 02, 2004 at 22:18:35:
In Reply to: go to my website sharondelores.com posted by sharon on December 02, 2004 at 18:44:11:
: : : : I own a house in Georgia, and I recently moved to another state. The house has been on the market for over a year, even though it is a fast-growing county, and we are now four payments behind. I went through Loss Mitigation to try a short sale, but I have a home equity loan and that bank won't work with us at all. Because of that, Loss Mitigation can't do a Short Sale or, I'm assuming, a Deed In Lieu of Foreclosure. It's too late to rent it out (we'd have to catch up too many payments), so are there any other options? If they foreclose, what are the ramifications (it's an FHA loan)? I'm ready to walk away from it at this point.
If the 2nd lien will not work with you the 1st will fcl and the 2nd gets nothing. Ask the 2nd lien what they will take to satisfy the debt. Offer 1k or nothing, which will they rather have?
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