Posted on: 13th Nov, 2007 09:21 am
I have recently been widowed, I am now on social security,my income has dropped and my house payment has increased. I am still current with my payments, but cannot continue much longer. I have only been here for 2 yrs, do not have any equity in the house. Would the deed in lieu be an option for me?
Hi ginahow,
Welcome to this forum.
I am extremely sorry to here your situation. I think if you face any problem with your mortgage payments, you should talk to your lender as soon as possible. More you delay; you will have fewer options available for you. So talk to your lender and find out what is the most suited and affordable option for you. If you see you cannot afford any options and deed in lieu is the best option, then go for. At least it is far better than foreclosure as it will affect your credit lesser than foreclosure.
We have also discussed it before how deed in lieu is better than foreclosure in our forum. You can check it out- http://www.mortgagefit.com/deed-lieu.html
Feel free to ask our community if you have any further questions.
Thanks,
Larry
Welcome to this forum.
I am extremely sorry to here your situation. I think if you face any problem with your mortgage payments, you should talk to your lender as soon as possible. More you delay; you will have fewer options available for you. So talk to your lender and find out what is the most suited and affordable option for you. If you see you cannot afford any options and deed in lieu is the best option, then go for. At least it is far better than foreclosure as it will affect your credit lesser than foreclosure.
We have also discussed it before how deed in lieu is better than foreclosure in our forum. You can check it out- http://www.mortgagefit.com/deed-lieu.html
Feel free to ask our community if you have any further questions.
Thanks,
Larry
hello ginahow,
it is unfortunate to hear of your situation.
you may talk to your lender for refinancing the mortgage at a lower interest rate and see if it can be supported by your social security.
have you already taken out a home equity loan, otherwise why do you say that there's no equity in the house?
if you are still current with your mortgage payments, you may list the house with real estate agents and try to sell off your property. with this you may pay the entire mortgage.
you may also try to put up the house on rent and this could help you to make the monthly payments.
deed in lieu could be an option for you but it will affect your credit. so, if there are alternative options, it is better to avoid that.
could you tell me your age? because there are certain loan programs available for the aged.
it is unfortunate to hear of your situation.
you may talk to your lender for refinancing the mortgage at a lower interest rate and see if it can be supported by your social security.
have you already taken out a home equity loan, otherwise why do you say that there's no equity in the house?
if you are still current with your mortgage payments, you may list the house with real estate agents and try to sell off your property. with this you may pay the entire mortgage.
you may also try to put up the house on rent and this could help you to make the monthly payments.
deed in lieu could be an option for you but it will affect your credit. so, if there are alternative options, it is better to avoid that.
could you tell me your age? because there are certain loan programs available for the aged.
Thanks Larry-
Thanks Larry, I have contacted my mortgage co. they didnt show much interest in my situation. I currently have my house on the market with no luck. Mortgage co. told me if I couldnt make the paymetns I needed to sell. They gave me some assistance info, which that is how I found out about the deed in lieu. My only fear is that will the deed in lieu keep me from buying a condo? I know it does some damage to your credit. Thanks so much for your original reply-
Thanks Larry, I have contacted my mortgage co. they didnt show much interest in my situation. I currently have my house on the market with no luck. Mortgage co. told me if I couldnt make the paymetns I needed to sell. They gave me some assistance info, which that is how I found out about the deed in lieu. My only fear is that will the deed in lieu keep me from buying a condo? I know it does some damage to your credit. Thanks so much for your original reply-
Hi ginahow,
Short sale and deed in lieu of foreclosure has similar affect on your credit report but if your lender agrees for the deed in lieu then you need not to pay deficiency judgment.
"
will the deed in lieu keep me from buying a condo?"
Deed in lieu will surely affect your credit. But see, if you go for foreclosure or short sale then you may have to face more problems. You may be approved for getting a loan to buy a Cando but you may need to pay a higher interest rate. I will suggest you to consult with an attorney who will help you in the process.
Feel free to ask if I can provide any further informations.
Thanks,
Larry
Short sale and deed in lieu of foreclosure has similar affect on your credit report but if your lender agrees for the deed in lieu then you need not to pay deficiency judgment.
"
will the deed in lieu keep me from buying a condo?"
Deed in lieu will surely affect your credit. But see, if you go for foreclosure or short sale then you may have to face more problems. You may be approved for getting a loan to buy a Cando but you may need to pay a higher interest rate. I will suggest you to consult with an attorney who will help you in the process.
Feel free to ask if I can provide any further informations.
Thanks,
Larry