Posted on: 22nd Jul, 2007 02:48 pm
WE are currently not late on our mortgage but we have been trying to sell a house for three years. It is listed for 45% lower than the bank originally appraised and 40% lower than the tax assessment. We are current but are working with the bank for a DIL. Is this the right way to go? What should we look out for if we do decide to do a DIL? How will this effect our credit?
my septic system is failing.i am current on my mortgages (both 1st and 2nd) but cannot live in the house due to the septic and can't afford to replace. estimated cost is 15,000 to 25,000. the house has been on the market for 2 years with no offers. we are reducing the price drastically, but still may not get any offers. we have to move out and i can't afford to make payments on the house and a rental. should i initiate deed in lieu of foreclosure if the house does not sell in the next month or so?
Welcome Tracy,
You can contact the lender and apply for a deed in lieu of foreclosure. However, as you're current on your mortgage, chances are less that you will be able to get a deed in lieu of foreclosure.
You can contact the lender and apply for a deed in lieu of foreclosure. However, as you're current on your mortgage, chances are less that you will be able to get a deed in lieu of foreclosure.
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