Two negative home equity, one of which was refinanced?

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Foreclosure in the state: GeorgiaMul have 2 houses. One of my primary residence, have never refinancing and equity. Another home was refinanced and has a mass of mortgage negative equity 2. The first loan was $ 163K, the second is $ 87K. This house is worth $ 190 and I have $ 250. It is not enough equity in the main house for negligence. omakapitali.Kas I close or sell short? When I stopped, the bank can come after my primary residence? What is my best option here .. I can not afford a second home.

2 Comments
  1. Reply
    Rebecca
    April 29, 2011 at 10:05 pm

    Are you current on both mortgages? IF you are then they will not even discuss foreclosure or short sales with you. IF you are and deliberately miss payment to go into foreclosure they will drag you along a long time in the process, draining your resources.

    RESEARCH this but I think that the recent enactments put a stop to collecting the difference in the short sales and amount owed. But again you may not be covered if you are current and deliberately go into foreclosure. RESEARCH using google or another good search engine.

  2. Reply
    KimmyKB
    April 29, 2011 at 10:41 pm

    They can sell your house in a foreclosure, then come after you for the difference…especially if you have equity in your other home.

    The other poster is right–they won’t discuss a short sale with you unless you are behind in your payment. You will also likely need to show that you can’t afford to make the payments. It’s a lot of paperwork, and it isn’t guaranteed. Frustrating.

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