Upside Down Mortgage

Posts Tagged ‘Distressed’

Loan Modification Assets

Question: I am thinking of short selling a home that I paid 300k for it is now only worth 150k. I need to find a lawyer?

I live in Miami Florida area. Also note that this is an investment home - speculation that went bad. The builders and the bank were the ones that really ripped me off in the first place. But I do not want that bank to be able to put a lean on my other main home which does have some positive equity. I want a Lawyer who can tell me what types of accounts or assets that I should protect of pay off prior to doing this Short sale of my other house. Also what is the best case senario on how bad my credit will get ruined. I currently have a 750 score. But this is 150k loss. There is no way that this house will go back up in value that fast. Credit is important but I cannot afford to loose $150 K and I cannot afford to keep making payment to this house anymore. I already work 2 jobs and I cannot make enough money so it is either a Short Sale, Loan Modification or a Walk away foreclosure that I am having to pick from.

Answer: David, this is an investment property. You can short sale it, but you will still owe the rest of the money. The only way to not pay them back is to file bankruptcy, which will not likely be possible since you own other assets that can cover your loss.

This is not your primary residence, you will receive no special treatment.

Loan Modification Software: Video SX3 Default Assets Liabil

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