Second Mortgage Foreclosure In California
July 4th, 2007
Second Mortgage Foreclosure In California
Question: I'm planning to relocate but my house is worth less than what I owe. What should I do?
I have received a job offer and I will be relocating from California to New Mexico. The problem is my house if worth about $240,000 and I owe $200,000 to one lender and $75,000 to a second lender. If I leave and rent in New Mexico I won't be able to keep up with the mortgage payments. What should I do? Do you think both lenders will OK a short sale or should I let the house go in to foreclosure? I have been with the house for 4 years now and have always made my payments on time.
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Answer: First of all, you never want a foreclosure on your record, so don't even think about that route. Try for a short sale, you never know until you ask.
Personal Financial Advice : How to Foreclose on a Second Mortgage
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