My husband and I purchased our home about a year ago. We have recently deci
My husband and I purchased our home about a year ago. We have recently deci
My husband and I purchased our home about a year ago. We have recently decided to separate. Due to the oil spill my income took a huge hit. We have went through all the "evils" to find the lesser. We owe about $40K more than the homes value at this point and foreclosure is looking like an option. Suggestions?
1 Answers
Votes
Older
Newer
1
Hi Guest!
Welcome to forums!
If both of you want to save the property, then you can contact your lender and apply for a loan modification. This will help both of you to get an affordable repayment plan to pay off the debt. In case both of you don't want to save the property and want to avoid paying the deficient balance, then both of you can contact the lender for a deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane