Posted on: 23rd May, 2010 11:39 am
We currently owe a house in Jacksonville, Florida. Our mortgage is 182,000 and the value according to Zillow is 146,000. We have submitted for modification programs however have been denied. There is a possibility that we will be moving to Tampa in 3-6 months for better employment opportunity. We are beginning our research in regards to stop making the payments, walking away from the house, foreclosures, and short sales. We do not plan to purchase another home for 5-7 years. Any advice on which way we should go will be most helpful. Thank you for your time.
Hi annmcarol,
As you are not planning to purchase a new property within the next 5-7 years, your best option would be to get rid of your present property with the help of a deed in lieu of foreclosure. If the lender accepts your request, you won't be liable for the deficient balance resulting due to the sale of the property.
As you are not planning to purchase a new property within the next 5-7 years, your best option would be to get rid of your present property with the help of a deed in lieu of foreclosure. If the lender accepts your request, you won't be liable for the deficient balance resulting due to the sale of the property.