Should I pursue a short sale or a foreclosure on my property? 1 Answers as of April 17, 2011

My wife owns a home that she qualified for and bought back in 2005. We were told back then I didnt qualify due to credit so I am not on the loan. Looking at the paperwork it is fraudulent and the numbers for her income are not correct and actually reflect my income. We have been making it for 6 years and now my wife has health issues which are forcing her to go on disability. The 2500.00 per month P/I payment is going to become a burden. The house is upside down and I am thinking about doing a Short sale or having her foreclose on the house. In the meantime I am a retired disabled veteran and eligible for a VA loan. Is against any law for me to buy a second home, move and then Short sale or foreclose on our existing property? What are the ramifications? I appreciate your answers and help.

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The Davies Law Firm, P.A. | Robert F. Davies, Esq.
Wow, that is pretty original, you have described a plan to deal with a foreclosure situation, and your plan is pretty interesting. I normally see a lot of folks who are just talking about how to survive the foreclosure.

To answer your question, this will take some careful looking at, to determine whether it can work or not. Not something I can answer over the internet.

Give me a call, make an appointment to come see me, and let's get moving on this for you. No charge for the telephone call and no charge for the first office visit.
Answer Applies to: New Jersey
Replied: 4/17/2011
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