Possible Ss With 2nd Same Credit Union

Discussion in 'Short Sale Outpost' started by ultravorx, Jun 7, 2016.

  1. ultravorx

    ultravorx LoanSafe Member

    So due to job relocation, I've had to sell my house.
    I was thinking it would sell for a decent profit but it's been on the market for 3 months with no showing, including 2 open houses with no shows and over $35k of price drops.

    Now it's at the minimum for me to break even but still have no shows. I'm closing on the new house in a few weeks, so I will be securing a new house. I am worried how to handle the current house as relocation doesn't offer anything on the sale of the current.

    Here's the break down.
    House is in ct
    1st mortgage @ $255k
    2nd mortgage @ $43k
    Both by same credit union

    Housing listed originally at $350k now at $315. This breaks me even with real estate commission.

    I am current on all notes but want to do a short sale since I won't even be living in this state in a few weeks.

    My agent feels it will sell around 290 to 300. Would a bank consider this shirt sake of I'm current?
    Or would I have to stop payment to get action.

    Also in ct, if I forclose, can they go after the 2nd mortgage. I heard ct can't, but not sure.

    Thanks
  2. Moe Bedard

    Moe Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Hello,

    It is possible to get a short sale while current, but you need a really good agent who will fight for you. The hard part would be to get the 2nd mortgage to cooperate, but it looks like they would get a good chunk of their money back.

    If they house went into foreclosure, it depends on what the home sales for. Te first would get paid first and the 2nd mortgage would be in 2nd position to get paid if there is any money left over.
  3. ultravorx

    ultravorx LoanSafe Member

    If I were to go the foreclosure route, by in non recourse, but I do have the 2nd heloc through the same credit union.

    What would happen with the 2nd? Could they go after me for it or just settle it.

    If my credit is going to tank either way I'd rather go with the least amount of hassle since I'm moving to another state.
  4. Moe Bedard

    Moe Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    What state are you in? Is the 2nd mortgage a purchase loan or refinance loan?

    If I were you, I would try to go the short sale route first if all possible and walk away as a last resort.
  5. ultravorx

    ultravorx LoanSafe Member

    It's in Connecticut. And the 2nd mortgage is a heloc used for home improvements.
  6. Moe Bedard

    Moe Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    OK, they could go after you. But will most likely charge the loan off and sell it to a debt collector who can go after you. But they rarely sue. It is possible. When you walk away, you roll the dice as you hope for the best and plan for the worst.

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