Posted on: 03rd Apr, 2007 08:31 am
am in default with my mortgage. have files for assistence .options are loan modification, deed in lieu or short sale, unless my payments change drastically don't see where i really have a choice. my question is will i even be able to rent an apartment if i file for deed inlieu of foreclosure.
after you give over the house using a deed in lieu of foreclosure you can look for a rented apartment. a foreclosure could have affected your chances but since you would be able to avoid the negatives of foreclosure, it is quite possible that you can find a suitable rented apartment.
"am in default with my mortgage. have files for assistence .options are loan modification, deed in lieu or short sale, unless my payments change drastically don't see where i really have a choice. my question is will i even be able to rent an apartment if i file for deed inlieu of foreclosure."
Deed in lieu of foreclosure will have a negative affect on your credit score but not as bad as it would be if foreclosure takes place.
You should be able to get an apartment to rent. Also look for landlords who manage their own rentals in addition to rental apartments managed by companies.
Deed in lieu of foreclosure will have a negative affect on your credit score but not as bad as it would be if foreclosure takes place.
You should be able to get an apartment to rent. Also look for landlords who manage their own rentals in addition to rental apartments managed by companies.
"am in default with my mortgage. have files for assistence .options are loan modification, deed in lieu or short sale, unless my payments change drastically don't see where i really have a choice."
First discuss a loan modification plan and if you see that even after such loan modification you will not be able to afford the payments then only go for a deed in lieu.
Under loan modification it is possible that your mortgage term is extended than what it is now so that the monthly payment gets reduced becomes of the new amortization period. So it is quite possible that after such modification you will be able to afford the payments.
David
First discuss a loan modification plan and if you see that even after such loan modification you will not be able to afford the payments then only go for a deed in lieu.
Under loan modification it is possible that your mortgage term is extended than what it is now so that the monthly payment gets reduced becomes of the new amortization period. So it is quite possible that after such modification you will be able to afford the payments.
David
Deed in lieu is not so much damaging as foreclosure.You should consider all your options before you make a final decision.
Apartment you should be able to rent as long as you show you can afford.
There is many options. Short sale is better than deed in lieu, if you have enough time. Are you sure you only have a two options?
Apartment you should be able to rent as long as you show you can afford.
There is many options. Short sale is better than deed in lieu, if you have enough time. Are you sure you only have a two options?
Yes Maria, going for a deed-in-lieu cannot affect your renting an apartment. But as there is the option for loan modification, I think it will be better to consider it rather than doing a deed-in-lieu.
A deed-in-lieu affects your credit score and hence credit-rating but a loan modification will not have such an impact and it will be easier for you to manage and get loans in future.
Thanks.
A deed-in-lieu affects your credit score and hence credit-rating but a loan modification will not have such an impact and it will be easier for you to manage and get loans in future.
Thanks.