Posted on: 30th Jan, 2010 05:50 pm
I am currently struggling with my mortgage payments on a home in FL that I am $30,000 upside down in. I have also run up $20,000 in credit card debt because I was out of work for quite some time. I am current on my mortgage payments, but am thinking about walking away from this home. Don't know if I Should do a dil or a short sale. And am wondering if I should also just do a debt consolidation or a bankrupcy on my credit cards. I still have a good credit score, but can not continue making all these payments.
hi,
if you do not want to keep the property, you can either do a short sale or a deed in lieu of foreclosure on the property. in a short sale, your credit will be adversely affected by almost 75-100 points, while a deed in lieu will lower your scores by almost 250 points. but unlike a short sale, if you do deed in lieu, chances are that the lender will forgive the deficiency.
if you want to keep the house, you can file bankruptcy chapter 13 and pay off your debts through an affordable repayment plan. if your mortgage payments is high, you can also check out if you qualify for a loan modification.
if you do not want to keep the property, you can either do a short sale or a deed in lieu of foreclosure on the property. in a short sale, your credit will be adversely affected by almost 75-100 points, while a deed in lieu will lower your scores by almost 250 points. but unlike a short sale, if you do deed in lieu, chances are that the lender will forgive the deficiency.
if you want to keep the house, you can file bankruptcy chapter 13 and pay off your debts through an affordable repayment plan. if your mortgage payments is high, you can also check out if you qualify for a loan modification.