Rental Duplex

Guest 0.10 Dollars($)

I have a rental Upper and Lower duplex. Can't find renters and have refinanced it and now have no jobe, I am behind two months and they are calling the mortgage due. How can I give the house back with the least negative impact on my credit and especially the public knowing about it.

T Embarassed

cliff · Posted: Tue Sep 02, 2008 1:01 pm Post subject:

Hello T,

If your property is foreclosed on, then that action will be a matter of public record.

Please contact your lender right away. There are several workout options that you may qualify for to keep your property, including perhaps a special forbearance, since you have recently become unemployed. Some other options that you may qualify for with your lender may be a short sale, and/or as a last resort, a Deed in Lieu.

Your lender will be able to discuss any options that you qualify for. Be sure that you speak to someone in the Loss Mitigation department at your lender. This is the department that will keep your home from being foreclosed on if you qualify for one of the workout options.

A foreclosure and Deed in Lieu are both very damaging to your credit score. A foreclosure can cost you to loose 200 -250 points. A Deed in Lieu can cost you to loose 100 - 200 points. A short sale can cost you to loose 75- 100 points.

I hope we have been able to provide you with options and information.

Let us know if you have any other questions or issues.

Good luck.

Guest 0.10 Dollars($)

TY Cliff,
I will contact them asap

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