Mortgage short sale dilema?

Question

I am about to let my property go, hopefully in short sale because I don't really see any benefit in keeping it since the value has gone like 40 % down and mortgage has gone up and is just crazy. But I also have another property which is my friend's basically, but I am responsible on the loan. So my question is: Does it affect me more having both properties go or is the same thing?

Answer 1

do whatever you can to keep both properties

even if it means 2 jobs for 2 yrs.

and get off your friend's loan yesterday.

seek off it in court.

Answer 2

What's saving a lot of homes here  in America is the ability to do Loan Modifications.  The Emergency Mortgage Loan Modification Act 2008(H.R. 5779) is helping prevent homes owners from losing there house.   We do modifications for people in foreclosure, adjustable mortgages, balloon loans, 80/20 loans, high interest rates, neg am loans, loss of equity etc...   If any of this sounds like a loan you have then we can help.  I'll email you the modification package so you can understand how it works.  THIS IS NOT A REFINANCE so there isn't  any refinancing fees.

-Wayne

email [e-mail]

Website: www.YourAMA.com

Direct: 516-506-4119

Answer 3

Before you plan to let them go and walk away, you should consider whether you are eligible for a Short Sale.  Simply owning more than the properties are worth and being behind on payments doesn't mean the bank will accept it.

You should make sure to work with someone who is successful at closing short sales from the listing side.  They will know how to package your situation which gives you a great chance of the bank ok'ing the Short Sale.