Posted on: 21st Sep, 2007 10:59 am
I bought an investment property last year January. Since then, the market has taken a dive for the worst. The builder is selling the same unit $100k less than I paid for it. I had to add more than $500 a month to pay the mortgage. The mortgage has adjusted, and I don't have a tenant in there, and I cannot afford the mortgage any longer. Should I DLF the property?
hi roxy,
as you are facing hardship to pay off the mortgage payments, you can contact your lender and apply for a deed in lieu of foreclosure. normally, the lenders accept this request when you are delinquent on your mortgage payments. depending upon your financial situation, i think the lender will consider your request. you should note that a deed in lieu of foreclosure will lower your credit score by 250 points.
thanks
as you are facing hardship to pay off the mortgage payments, you can contact your lender and apply for a deed in lieu of foreclosure. normally, the lenders accept this request when you are delinquent on your mortgage payments. depending upon your financial situation, i think the lender will consider your request. you should note that a deed in lieu of foreclosure will lower your credit score by 250 points.
thanks
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