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Posted by Mike on May 28, 2007 at 18:34:59:
I have read quite a few posts in this forum and have definitely gained a lot of knowledge but am still at a loss at what to do with my situation.
My house is set to be auctioned with the public trustee on 6/5/2007 (next week). The fair market value for my house is around the 500k mark. The balance of my first mortgage is around $265,000, and I have a 2nd that is about $120,000. The first mortgage company has filed for foreclosure, while the 2nd has remained fairly quiet. Both are approximately 5 months late. After being a month late I contacted the first mortgage company (Countrywide) and told them I was having problems and asked what could be done. I was told making the payments were the only option and that they did not have any programs to help in these situations, so after that I did not contact them again, hoping somehow I would eventually be able to get caught up but it didnt happen.
So have I lost everything at this point? I'm in Colorado and I know there is a 75 day redemption period so I am going to attempt to sell the property but it is a very slow moving market and I have serious doubts about being able to sell it in that time frame but I'm still going to try, but I have a few questions hopefully someone can help me with.
What happens with the 2nd if I am able to sell during the 75 days? I understand that after the sale the 2nd is wiped out from the property itself but still attached to me. I assume it would still have to be paid at closing but I don't know for sure how that works.
What are the chances of the 2nd mortgage company bidding at the sale given the numbers and situation?
Is a short sale even feasible in this situation? I keep reading that short sales are good if one owes more than the property is worth, but a few months ago I contacted a company that buys houses and they wanted to do a short sale, but after learning I would walk away with nothing I refused to do it. But if it came down to it I would much rather short sell it to a friend for the $265,000 than let the bank get it for that.
And is there any other options I have at this point?
Any help would be certainly appreciated.
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