Foreclosure options

[agmm13]

What is the name of your state? Virginia
We have a 1st of 392,000 and a 2nd of 49,000. I lost my job and we cannot afford the payment on my wifes salary. The value of the house is somewhere in the low 400's so we owe more than it is worth and at the moment nothing is selling. We want to try and make a deal with the second to assume the loan completely and let me off the hook if I leave willingly in 30 days. Versus me not paying for 3 months until they can foreclose and the additional time it will take before I have to leave the house. It seems to me it is better for them to make a deal rather than foreclose and then try and get a settlement against me at a later date. We cannot afford but maybe 1 more month of payments and have no savings or assets to use to prolong this. We are going to move out of state once we are done. What are the chances a lender will let me out vs. foreclosure to make it easier on themsleves or save money? If I foreclose how long before I could by another house? Not that I would be in a hurry.
Thanks for any advice.

[lcannister]

What are the chances a lender will let me out vs. foreclosure to make it easier on themsleves or save money?

Don't you really think the person to ask this question of is the lender? No one here knows what you lender will or will not do, it all depends on them!

If I foreclose how long before I could by another house?

Probably sooner than some Joe Smo who has tried all his/her life, struggling, saving, scrimping to buy a home and they always seem to come up just one minute detail short of getting that home. Unfortunately poor pesonal responsibility, foor financial decisions etc. are rewarded over the person who is just out there working their hinnies off!

[agmm13]

Don't you really think the person to ask this question of is the lender? No one here knows what you lender will or will not do, it all depends on them!

Wow, of course the lender is the only one that knows that. It is a question to see if anyone has heard of such a thing or to get some other ideas! By the way I already have numerous calls and an email in to the lender with no response.

Unfortunately poor pesonal responsibility, foor financial decisions etc. are rewarded over the person who is just out there working their hinnies off!

That is your opinion based on what? Poor financial decisions, and poor personal responsibility???? That is a bold thing to say to someone that you know nothing about!
Thanks for all the swell advice though.

[lcannister]

That is your opinion based on what? Poor financial decisions, and poor personal responsibility???? That is a bold thing to say to someone that you know nothing about!
Thanks for all the swell advice though.

It is all written in your post I do not need to know you, your financed to the hilt (1st and 2nd), left no room for the possibility that one or the other might become unemployed, nothing in the house and NO emergency fund set aside for just such and occurence. Poor financial planning. But don't worry you are not the only one.

Wow, of course the lender is the only one that knows that. It is a question to see if anyone has heard of such a thing or to get some other ideas! By the way I already have numerous calls and an email in to the lender with no response.

Of course we have heard of this and again it all depends on your particular lender there is NO flat yes or no that they will go along with you. Therefore, the only one who can answer the question is the lender.