Posted on: 16th Dec, 2010 07:51 pm
Ok I bought a house a year ago and during that time I have lost some income. Trying to look at making a career change and moving out of state. The problem is it has become very hard for me to mantain my mortgage and the bills are going to continue to stack up. Like most good people I dont want to mess my credit up and go into foreclosure. If there is away that I could just come close to breaking even on the house I have another place to stay already. I did use the $8,000 grant after buying the house will need to pay that back as well. The house is new and ready to live in. And still looks the same as when I purchased it new house smell and everything. Thank you for your asistance. And best wishes for the others who are struggling.
Welcome donniev,
You can apply for a deed in lieu of foreclosure in order to get rid of the mortgage and the property. However, this will lower your credit score by 250 points. But you won't be liable for paying any deficient balance resulting from the property sale.
You can apply for a deed in lieu of foreclosure in order to get rid of the mortgage and the property. However, this will lower your credit score by 250 points. But you won't be liable for paying any deficient balance resulting from the property sale.
>>If there is away that I could just come close to breaking even on the house I have another place to stay already.
Yes, by selling your house. That's the only way you're going to relieve yourself of the property without harming your credit.
Yes, by selling your house. That's the only way you're going to relieve yourself of the property without harming your credit.
