need advise with selling house

[cableguy_17866]

What is the name of your state?What is the name of your state?PA
My wife and I have decided to sell our house. My problem is that we took out a loan against the house about 5 years ago to consolidate some bills and put replacement windows in. Well after talking to a realtor and getting a CMA we found out that our "suggested" selling price according to the CMA is not enough to satisfy both our 1st mortgage and the loan for the windows. We were given the option of selling at CMA price to satisfy the 1st mortgage and then foreclose on the balance of the other loan. Well I don't really want a foreclosure on my credit since we want to build a house in the near future. The realtor says go thru with the foreclosure on the loan and he doesn't believe we will have a problem getting financed when we are ready to build in a year or two since we satisifed our original mortgage. What options do I have? We are up to date with all our payments and have good credit. Thanks.

 

[seniorjudge]

What is the name of your state?What is the name of your state?PA
My wife and I have decided to sell our house. My problem is that we took out a loan against the house about 5 years ago to consolidate some bills and put replacement windows in. Well after talking to a realtor and getting a CMA we found out that our "suggested" selling price according to the CMA is not enough to satisfy both our 1st mortgage and the loan for the windows. We were given the option of selling at CMA price to satisfy the 1st mortgage and then foreclose on the balance of the other loan. Well I don't really want a foreclosure on my credit since we want to build a house in the near future. The realtor says go thru with the foreclosure on the loan and he doesn't believe we will have a problem getting financed when we are ready to build in a year or two since we satisifed our original mortgage. What options do I have? We are up to date with all our payments and have good credit. Thanks.

Fire that real estate agent immediately.

Then resign yourself to living where you are until you can pay the mortgage down. If you can at all, slip in a few extra bucks each month and mark it PRINCIPAL ONLY so you can start chipping away at the balance.

 

[annefan]

Or...as I suggest to sellers all the time, if they are not happy with the comparative market value I give them, get more opinions. Two or three at minimum. This will help you sift through the incompetent Realtors and sales associates.

 

[cableguy_17866]

thank you for your replies. i really didn't want to foreclose but the way he was talking, that was the choice he recommended. i haven't listed with anyone yet, we just met to go over things, so i will call some other realtors and see what they have to say, thanks again.

 

[HomeGuru]

What is the name of your state?What is the name of your state?PA
My wife and I have decided to sell our house. My problem is that we took out a loan against the house about 5 years ago to consolidate some bills and put replacement windows in. Well after talking to a realtor and getting a CMA we found out that our "suggested" selling price according to the CMA is not enough to satisfy both our 1st mortgage and the loan for the windows. We were given the option of selling at CMA price to satisfy the 1st mortgage and then foreclose on the balance of the other loan. Well I don't really want a foreclosure on my credit since we want to build a house in the near future. The realtor says go thru with the foreclosure on the loan and he doesn't believe we will have a problem getting financed when we are ready to build in a year or two since we satisifed our original mortgage. What options do I have? We are up to date with all our payments and have good credit. Thanks.

**A: are you sure that person is a Realtor an not an Idiot? You DO NOT have an option of selling your home and paying just the first mortgage because no title company would transfer title. What you need to do is talk to the 2nd mortgage lender about a short sale. Oh, and kick that Realtor's ass the next time you see him or her.

 

[gonefishin18411]

What is the name of your state?What is the name of your state?PA
My wife and I have decided to sell our house. My problem is that we took out a loan against the house about 5 years ago to consolidate some bills and put replacement windows in. Well after talking to a realtor and getting a CMA we found out that our "suggested" selling price according to the CMA is not enough to satisfy both our 1st mortgage and the loan for the windows. We were given the option of selling at CMA price to satisfy the 1st mortgage and then foreclose on the balance of the other loan. Well I don't really want a foreclosure on my credit since we want to build a house in the near future. The realtor says go thru with the foreclosure on the loan and he doesn't believe we will have a problem getting financed when we are ready to build in a year or two since we satisifed our original mortgage. What options do I have? We are up to date with all our payments and have good credit. Thanks.

don't move, if you have to, get all your credit cards and other credit lines now before you take the foreclosure

?? Did you save the old windows??

 

[JETX]

don't move, if you have to, get all your credit cards and other credit lines now before you take the foreclosure

Great advice... increase your debt and lower your score.... just before you go into foreclosure. After all, the minute you do that, most of your credit card interest will go up to the limit.
Yeah, right!!

 

[HomeGuru]

Great advice... increase your debt and lower your score.... just before you go into foreclosure. After all, the minute you do that, most of your credit card interest will go up to the limit.
Yeah, right!!

**A: hence the user name gonefishin. Knock on this guys brain and you'll see the note "Gone Fishing"