Posted on: 28th Dec, 2010 08:51 am
My friend purchase a house in 2001with his wife. He put down 5%. They got a PMI together. However, to receive that it had to be in both names. He's now divorce and been taking over payments he can not afford now. He would like to know how could he let go of the house without damaging credit badly.
If there's sufficient equity and he can sell it quickly, that's the way to go. If you're speaking about his going to foreclosure, there's no way to avoid damaging credit badly in that scenario.
Hi gmakerley,
Thanks for quick reply.
selling is best option in this scenario? Is there any other option to save damaging credit by any other means?
Please guide..
Thanks for quick reply.
selling is best option in this scenario? Is there any other option to save damaging credit by any other means?
Please guide..
You mentioned "letting go" of the house - there aren't too many options involved in letting go...let it go to foreclosure...deed in lieu...sell it. If I have my druthers, I sell it.