cancel
Showing results for 
Search instead for 
Did you mean: 

3 loans upside down

tag
babbles
Established Contributor

3 loans upside down

Hello, just wondering my home has 3 liens attached and is more than 100k upside down.  My 1st is with JP Chase 156k and is estimated to be worth about 160k.

The 2nd is with NFCU and the balance is 45k.  (EL)      The 3rd is with USAA balance at about 58k.  (ELC)  

 

Do you think the 2nd and 3rd might be willing to turn those into secured loans so that I may sell the home outright from JP Chase?   I would attempt to work out something reasonable with the 2nd and 3rd and not something that will be outrageous far as payments!   

 

I have tried a short sale in the past but it fell through because of EMC at the time would not move on 5k that made the difference of it falling through.

The bad news is I am current and have never missed a payment through the life of the loan thus far.  Renting is a pain in the rear since I live out of state and now I am having to duel in the middle of the street with a tenant to leave the premises tomorrow when their lease is up.  I do rent at a substantial loss.  Thanx for any replies.

Message 1 of 2
1 REPLY 1
ShanetheMortgageMan
Super Contributor

Re: 3 loans upside down

It's certainly worth a shot.  What is their other option?  You not make the payments, Chase forecloses, gets paid a portion of what they are owed, and NFCU & USAA get zilch except for perhaps the chance at filing a deficiency judgment against you, which they may or may not be able to collect on depending on your solvency.  They are already unsecured at this point, since there isn't any equity securing them... might as well ask them to make it official, but I'm sure it'd have to coincide with a short sale, they aren't just going to release their position on title and allow you to keep on owning the home.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.