Posted on: 09th Jun, 2009 03:40 pm
I was misled and I bought a Condo Hotel in Florida three years ago for $680,00. The balance of the mortgage after 3 years is $517,000 and the property is not worth more than $350,000. I can't not continue to pay the mortgage. What is my best option? : foreclosure, deed in lieu or short sale.
Hi papisalsa,
In my opinion, you can apply for a deed in lieu foreclosure. A deed in lieu will lower your credit score by 250 points but you won't be liable for the deficient amount resulting from the sale of the property.
Did you apply for a loan modification? This will help you in saving your property as well as your credit score.
In my opinion, you can apply for a deed in lieu foreclosure. A deed in lieu will lower your credit score by 250 points but you won't be liable for the deficient amount resulting from the sale of the property.
Did you apply for a loan modification? This will help you in saving your property as well as your credit score.
papisalsa1
Welcoem to the forum
Try goign for short sale first and see if your ledner can forgive the deficient amount that way the impact on your score is minimal.
If that does nto work then ask for a deed in lieu or worst case foreclosure
Good luck and feel free to ask
Welcoem to the forum
Try goign for short sale first and see if your ledner can forgive the deficient amount that way the impact on your score is minimal.
If that does nto work then ask for a deed in lieu or worst case foreclosure
Good luck and feel free to ask