Second Mortgage

If you have your house put for foreclosure, you will still owe some money.

Suppose you are told that you will still owe to the bank the difference from the sale. So is there always a possiblity that the house will sell for less then the loan is?

More likely you will be told to do a “Deed In Lieu“, and walk away from it. You must try and call your Lender and ask for this.

It wont look as bad on you credit score and this way you will be surrendering the home, mortgage, and taxes. You won’t owe anything. 

This is just one scenario for how late mortgage payments can end in foreclosure. Luckily there are a number of ways you can avoid foreclosure. They include:  refinancing,  forbearance plan, partial Claim, pre-Foreclosure Sale and Deed in Lieu of Foreclosure.

Moreover, Some would suggest you’d try and sell it for what you owe even if it’s worth more to keep from loosing credit. You can also list it in the paper.

On the other hand, Flipping houses is a great profession to be in. There are lenders who flip houses for a living, and have had a blast making hundred’s of thousands of dollars. The key is to do as much work as you can on your own.

Did you know that you can make $40,000 + on a house, and never even own it? This is one example out of several that you can find online. However, it is important that you realize that Flipping Houses is not a “Get Rich Quick” Scam! Do as much research as possible before starting on your first.