Posted on: 21st Aug, 2010 11:33 am
I have been an owner of a home for 7 years and have been current on payments and have even made normal payments to the principle as well as regular payment. At this point I have become unemployed as business firm I worked at folded and I cannot afford the home. I have moved in with my fiancee because I cannot afford the payments and will inquire about the deed in lieu to help me out from the mortgage. Is this a good idea? We don't use the house but have tried to sell with no luck. What do you think?
Also if I am able to do this, I know it will have an adverse affect on my credit but will it affect my fiancee if and when we purchase a house in the future (maybe next 2-3 years)? My name will not be on the deed or mortgage.
thanks,
JUST WONDERING
Also if I am able to do this, I know it will have an adverse affect on my credit but will it affect my fiancee if and when we purchase a house in the future (maybe next 2-3 years)? My name will not be on the deed or mortgage.
thanks,
JUST WONDERING
welcome insightful,
you can go in for a deed in lieu of foreclosure in order to get rid of property. you need to contact your lender for the same. it is true that once you sell off the property through a deed in lieu of foreclosure, it will have a negative affect on your credit report. however, if your fiancée's name is not on the mortgage, her credit won't be affected and both of you will be able to buy a property in the future.
you can go in for a deed in lieu of foreclosure in order to get rid of property. you need to contact your lender for the same. it is true that once you sell off the property through a deed in lieu of foreclosure, it will have a negative affect on your credit report. however, if your fiancée's name is not on the mortgage, her credit won't be affected and both of you will be able to buy a property in the future.