Posted on: 25th Jan, 2011 03:56 pm
I am currently able to afford my home I have it on the market to sell and I want out of the neiborhood because they have turned alot of the houses around me into section 8 home and the crime rate has gone up to the point of me being scared in my own home. If I cant sell which I'm sure that I won't for the amount that I owe because the values have droped out, how do I get out of this mortgage?
Hi waldo,
You can apply for the option of deed in lieu of foreclosure in order to get rid of the property and the mortgage. This option will not only help you in selling off the property but you won't be liable for paying off the deficient balance resulting from the property sale. However, in order to get this option from the lender, you should be delinquent on your mortgage payments.
You can apply for the option of deed in lieu of foreclosure in order to get rid of the property and the mortgage. This option will not only help you in selling off the property but you won't be liable for paying off the deficient balance resulting from the property sale. However, in order to get this option from the lender, you should be delinquent on your mortgage payments.
Can the mortgage company not come after the remainder of the loan if they are not able to get the total amount? I didn't sign the insurance for the loan when I first got it and I have been told that it would help me in this situation.