Posted on: 16th May, 2009 06:19 am
I bought a home in florida two years ago for $ 145000 now it appraise for 115000 it decrease in value my question is should I do a short sale, or deed in lieu or loan modification to lower the principal.
Well if you have finacial hardship, call your lender and see fi they cna help you modify the loan.
You need to write a hardship letter explaing your problem and whyyou cannot make payment. Sample letter is on this forum.
If you do a short sale it will affect yoru credit score. Also lender need to agree.
Deed in lieu, lender need to agree.
You need to write a hardship letter explaing your problem and whyyou cannot make payment. Sample letter is on this forum.
If you do a short sale it will affect yoru credit score. Also lender need to agree.
Deed in lieu, lender need to agree.
Hi paularoro,
Whether it's a loan modification, deed in lieu or short sale, you need to convince the lender. If you want to save the property, then a loan modifcation is the best bet for you. If you can convince the lender, then there are chances that the lender would go for a principle reduction as well.
However, if you are not interested to save the property, then you can go for either short sale or a deed in lieu.
Thanks
Whether it's a loan modification, deed in lieu or short sale, you need to convince the lender. If you want to save the property, then a loan modifcation is the best bet for you. If you can convince the lender, then there are chances that the lender would go for a principle reduction as well.
However, if you are not interested to save the property, then you can go for either short sale or a deed in lieu.
Thanks