You are here:
Buying or Selling a Home/2nd on a home
Advertisement
Question
I have a first and a second on a home. I am not able to pay the second mortgage anymore. Will I lose the home to foreclosure?
YES! This may be the time to sell this property; hopefully you have some equity to pay closing costs. The property whether you foreclose or try to do a short sale will ultimately affect you credit for many years to come. You may want to try to negotiate a loan modification on your second home. The bank in the end does not want to take the home back, they are not in the real estate business, and they are in the loan business. Check with a local realtor to see what options may be available to you. Good luck!
Related Articles
- Short Sale Reasons - Reasons to Do a Short Sale
- Distressed Homes in Default - Distressed Short Sales and Foreclosures
- Home Selling in a Market of Foreclosures and Short Sales - Competing With Foreclosures
- Foreclosures, Short Sales, REOs - Buying Distressed Homes: Foreclosures, Short Sales or REOs
- Short Sale vs. Foreclosure - Benefits and Drawbacks Between a Short Sale and a Foreclosure
Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Connie Wildasinn-Broker,GRI,RealtorŪ
Expertise
Broker,GRI,RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why not to listen to your friends and even your family members, Who really has your best interest at heart?. Understand why any market is a good market and how to spot a good investment for you! If you are looking in California.. check out my website www.MetroCalBrokers.com and if you need assistance in a neighborhood I don't service, I will locate a local agent to that area who actually knows their profession and can assist you in your needs!
Experience
4th generation Realtor in the real estate business, I have helped for over 2 decades clients buy and sell, I am the owner of a local brokerage in the Los Angeles /Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales, Probate, Pre-Foreclosure Regular and Short Sales there is little that I have not seen come across my desk over the decades!
Organizations
NAR,
CAR,
WCR,
ABR,
e-Pro,
GRI,
BKBIA,
CHNA,SSG
Publications
Broker Agent Magazine
Long Beach Business Journal
Long Beach Press Telegram
Signal Hill Tribune
Grunion Gazette
All Experts
Zillow - Lead Agent - Advise Expert
Truila - Advise Expert
Education/Credentials
Broker-owner,
RealtorŪ,
GRI,e-Pro,
SSG-Short Sale Certified
Awards and Honors
Managing Broker for MetroCal Brokers. We merged my old brokerage with MetroCal this year, and we look forward to expansion and growth moving forward. We currently employ 30 Realtors and growing.
15 years running top selling agent in Long Beach, South Bay area California.
Top Producer 5 years straight Re/Max, C21, Realtyworld.
Past/Present Clients
upon request = or check out our website www.MetroCalBrokers.com and check the Testimonials section!
©2012 About.com, a part of The New York Times Company. All rights reserved.