Posted on: 15th Nov, 2009 08:38 pm
hi,
we bought our home 5 years ago. my husband is being laid off in december. we pay well over 50% of our income for our mortgage & taxes. we cannot refinance & to have a short sale would be impossible considering our home needs work. we are about to have our 5th child in march. we really cannot afford to pay our mortgage & taxes. we have not missed a payment yet but that is b/c my husband is still receiving income. i stay home with the children. my question is will a dil or foreclosure be better for us? we have 2 mortgages. we live in ny. will we be responsible for back taxes as well? what do we need to do?? please advise.
thank you very much
we bought our home 5 years ago. my husband is being laid off in december. we pay well over 50% of our income for our mortgage & taxes. we cannot refinance & to have a short sale would be impossible considering our home needs work. we are about to have our 5th child in march. we really cannot afford to pay our mortgage & taxes. we have not missed a payment yet but that is b/c my husband is still receiving income. i stay home with the children. my question is will a dil or foreclosure be better for us? we have 2 mortgages. we live in ny. will we be responsible for back taxes as well? what do we need to do?? please advise.
thank you very much
I am an investor who would like to speak to you regarding your situation
hi gette,
have you requested your lender to modify your loan? a loan modification could well be a good solution in your situation. it can help you reduce your monthly payments. a loan modification will be far better than a foreclosure or a deed in lieu (dil). talk with the loss mitigation department of the lending company and see if they agree to modify your loan. in case they do not do the loan modification, you can go for a deed in lieu. foreclosure should be your last option. as far as the back taxes are concerned, you will remain responsible for them until they are paid off.
have you requested your lender to modify your loan? a loan modification could well be a good solution in your situation. it can help you reduce your monthly payments. a loan modification will be far better than a foreclosure or a deed in lieu (dil). talk with the loss mitigation department of the lending company and see if they agree to modify your loan. in case they do not do the loan modification, you can go for a deed in lieu. foreclosure should be your last option. as far as the back taxes are concerned, you will remain responsible for them until they are paid off.
Given the choice between the two, a DIL would be better than a foreclosure.
