vinny asked:


short version:

pending forclosure by the second mortage while I am looking into a loan modification by the first mrotgage. What is the best option since I don’t even want the house anymore as it is a money pit.

So after 7 years of never missing a mortgage payment I had some hardships of seperation and the lose of a second job. Although the wife and I are pack after a 6 month split, I am in jeopardy of losing the house and need advice. I have a second and first mortgage and owe 145% on my home. Or owe $72,000.00 more then the house is worth. I am behind on both first and second. The first is trying to help with a loan mod but the second says they are going to pursue forclosure.  What is my best option.?Short sale? died in lieu? let them forclose? will I have to pay the difference to both morgages?  Please help!!! Frankly the house is a money pit and regreat ever believing i the second mortgage lender in them telling me the house was worth more then it really was. I ended up checking after the fact and the day we took the second the comps in the area were $35,000 less and my home was worth $31,000 less then what they wrote on paper just to ok the loan.

 

Can they garnish my wages?

I dont want the house so what is my best option?

Will I have to pay second mortgage back if there isn’t enough money?

 



LEONEL