Posted on: 07th Oct, 2009 06:15 pm
My husband and I purchased a house in Florida in 2006. Two years later, he lost his job but found another one in Virginia. We've had our home in FL on the market since May 2008. We did have 1 renter in the home from April 09-Aug. 09 (he moved out because he lost his job). When we moved to VA, we purchased another home, thinking the one in FL would sell. Now, Oct. 2009, it still has not sold. At the price we have it now, we would lose almost 20K. Even though my husband has a job, I am unemployed. We have gone through most of our investments and retirement funds to try and stay on top of the two mortgages, but the funds have come to the end. I am of the opinion that we need to concentrate our resources on keeping a roof over our head (interestingly, the roof over our head now is much cheaper than the home we haven't seen in a year) Would we even be considered for a DIL since the FL home is no longer a primary residence?
There is a good possibilty that lender may consider
You will need to prove your financial hard ship
One more option is, have your tried for loan modification
You will need to prove your financial hard ship
One more option is, have your tried for loan modification
Hi mi b!
Welcome to forums!
I don't think a loan modification would be a good option for you as you want to sell off the property. You can definitely apply for a deed in lieu of foreclosure. Depending upon your present financial situation, the lender would decide whether or not he would accept your request. However, you should remember that a deed in lieu will badly affect your credit report. It would lower your credit score by 250 points and will remain on your credit report for 7 years.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I don't think a loan modification would be a good option for you as you want to sell off the property. You can definitely apply for a deed in lieu of foreclosure. Depending upon your present financial situation, the lender would decide whether or not he would accept your request. However, you should remember that a deed in lieu will badly affect your credit report. It would lower your credit score by 250 points and will remain on your credit report for 7 years.
Feel free to ask if you've further queries.
Sussane
Shortsell will be big toll on your pocket I suppose.So if you want to save the credit score then shortsell will be a right choice,provided you have enough cash to pay the difference.
The big catch is, you need that extra money to pay the deficient amoutn when you short sell