Posted on: 11th Nov, 2012 11:21 pm
I have been unemployed for 2 years now and have not been able to find work. I am now 4 months behind and have applied for assistance from my lender but without income it is kind of pointless. Since my heat/water/electric has been turned off I am going to be forced to move. At this point what should I do? I am thinking of walking away but I am just seeking advice. The house was bought for $85,000 and paid 5 years on it. I owe about $80,000 and it needs some work in the basement. What should I do?
hi val,
if you walk away from the property, then the lender will foreclose it and sell it off. after that you may be liable for paying the deficient balance to the lender. it will be better if you could contact your lender and apply for a deed in lieu of foreclosure in order to get rid of the property. this will be a better option as you won't have to pay any deficient balance to the lender.
if you walk away from the property, then the lender will foreclose it and sell it off. after that you may be liable for paying the deficient balance to the lender. it will be better if you could contact your lender and apply for a deed in lieu of foreclosure in order to get rid of the property. this will be a better option as you won't have to pay any deficient balance to the lender.
Hi VAL!
Welcome to forums!
To know all about deed in lieu of foreclosure, you can check out the given page: http://www.mortgagefit.com/deed-lieu.html .
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
To know all about deed in lieu of foreclosure, you can check out the given page: http://www.mortgagefit.com/deed-lieu.html .
Feel free to ask if you've further queries.
Sussane