Posted on: 25th May, 2010 04:10 pm
Hello, I bought a piece of property to rehab. After const. loan I got a conventional loan with plans to sell. The market took a dive and now I can not get what I paid or even come close. This is not my main residence but I need to stop the bleeding of my monthly income. I tried renting but that has been a let done as I had to sue the renter out. How do I get out of this with the least amount of damage to my credit.
Hi murlsdesk,
Can you tell whether you have already defaulted on your mortgage? However, you can try to negotiate a mortgage loan modification with the mortgage company.
You first need to make a copy of your monthly income and expenditure. Then send a certified loan modification letter to the mortgage company, along with the copy of your monthly income and expenditure. If the mortgage company agrees to modification, you must get the Loan Modification agreement in writing.
Hope this helps.
Regards,
Sandra
Can you tell whether you have already defaulted on your mortgage? However, you can try to negotiate a mortgage loan modification with the mortgage company.
You first need to make a copy of your monthly income and expenditure. Then send a certified loan modification letter to the mortgage company, along with the copy of your monthly income and expenditure. If the mortgage company agrees to modification, you must get the Loan Modification agreement in writing.
Hope this helps.
Regards,
Sandra