Posted on: 31st Aug, 2009 08:37 pm
I am upside down on my house, and have not made a payment in over a year, yet the bank will not accept a shout sale nor will they Foreclose. What is left besides Bankruptcy ? Please advise. I am also out of work I moved out of the house a year ago,
Hi Guest,
Did the lender gave you any reason as to why they won't accept a short sale or go for a foreclosure?
You can check out the option of deed in lieu of foreclosure with your lender. This is one of the ways to dispose your property. You need to surrender the property to the lender. He will then sell it off in order to recover the delinquent mortgage dues. The deficient amount, if any, would be forgiven by the lender. However, you should note that it would lower your credit score by 250 points.
If the lender does not accept this option, then you'll have to file bankruptcy.
Take care.
Did the lender gave you any reason as to why they won't accept a short sale or go for a foreclosure?
You can check out the option of deed in lieu of foreclosure with your lender. This is one of the ways to dispose your property. You need to surrender the property to the lender. He will then sell it off in order to recover the delinquent mortgage dues. The deficient amount, if any, would be forgiven by the lender. However, you should note that it would lower your credit score by 250 points.
If the lender does not accept this option, then you'll have to file bankruptcy.
Take care.
i do not know why the bank has not sent you any notice yet? but for your own interest you should contact bank officials and thus they will consider your views on the property status.
if you are thinking about going for foreclosure it will be a heavy loss in terms of credit score.
if you go for shortsell you will have to bear with deficiate amount.
so deed in lieu is one of the suitable option for you to opt.
if you are thinking about going for foreclosure it will be a heavy loss in terms of credit score.
if you go for shortsell you will have to bear with deficiate amount.
so deed in lieu is one of the suitable option for you to opt.