Updated almost 15 years ago on . Most recent reply
What options do I have here?
I just got a call from my mother. She recently filed for bankruptcy and is pondering walking away from her house. The home does needs some interior tlc but is structurally sound. The problem is that she currently has a 2nd mortgage on it and now owes more than its worth. I'd estimate that it may appraise for $50k at most and both of her mortgages are around $35k each. What are my options to purchase the home if she decides to leave? How would a short sale work with a 2nd mortgage? Thanks for your advice in advance!
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Jon Holdman
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#3 Real Estate Deal Analysis & Advice Contributor
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Why not just buy some other house in the same area. Much less trouble.