Posted on: 31st Mar, 2010 08:40 pm
House is in Florida and is $140,000 underwater. Bank ignored one short sale offer and rejected the second. I was unemployed for 14 months but recently landed a well-paying job. Problem is, it's 2,000 miles away from the house.
I've requested a deed in lieu form but will be surprised if the lender (if you call them 3 times you get 3 different answers) send me the paperwork. I believe foreclosure is imminent and don't know what to do. I can afford to make the payment but it's a bad business decision as it will never be worth what I have in it. I can't live in it. I can't rent it for the mortgage payment. Bankruptcy is not an option due to my job. I have a little cash but used almost all of my retirement accounts to support myself.
Should I see an attorney?
Should I let them foreclose?
Advice? Thoughts? Thank you for reading!
I've requested a deed in lieu form but will be surprised if the lender (if you call them 3 times you get 3 different answers) send me the paperwork. I believe foreclosure is imminent and don't know what to do. I can afford to make the payment but it's a bad business decision as it will never be worth what I have in it. I can't live in it. I can't rent it for the mortgage payment. Bankruptcy is not an option due to my job. I have a little cash but used almost all of my retirement accounts to support myself.
Should I see an attorney?
Should I let them foreclose?
Advice? Thoughts? Thank you for reading!
Hi pjinkeylargo,
I would suggest you to negotiate with your lender in a proper way so that you would be able to get approved for a deed in lieu of foreclosure. If the lender does not accept it, then you have nothing much to do and let the lender foreclose the property. You may consult an attorney and he may help you in negotiating with your lender in regards to a deed in lieu.
Take care
I would suggest you to negotiate with your lender in a proper way so that you would be able to get approved for a deed in lieu of foreclosure. If the lender does not accept it, then you have nothing much to do and let the lender foreclose the property. You may consult an attorney and he may help you in negotiating with your lender in regards to a deed in lieu.
Take care
Thank you, but I'm not sure what you mean by negotiate in a "proper way." I'd be happy to do this, but everytime I call my lender I get someone different on the phone who tells me something completely different from the last person.
I guess what Sara wanted to say was that you should provide the required documents to the lender and send a hardship letter to him. The hardship letter should provide the details about your present financial crisis. Depending upon that, there are chances that the lender would accept your request. Even you are unable to negotiate with your lender, you can ask your attorney to negotiate with them.