Posted on: 31st Mar, 2011 11:09 am
I have a house that we bought 7yrs ago. Since then my commute has changed because of my job moving away. I am now commuting 2hrs sometimes one way to work depending on traffic. It is starting to take a told on my health and finances. I have lost value just like everyone else in the market on my home. So if I try to sell I will still be lacking $150,000 based on today's market. We tried to do a short sale and the bank never would accept any of the offers. Now I am stuck don't know what course of action I should take. I need to move closer to my job, but cannot carry 2 mortgages. Seems the only course of action I have is a Deed in Lieu or Bankruptcy. And I have worked hard for my credit to be where it is now, however it is getting ruined and getting worst the longer I stay in this situation. Any help and advise is really appreciated.
hi guest,
you should apply for a deed in lieu of foreclosure in order to get rid of the property and the mortgage. if the lender accepts your request, then you won't be liable for paying off the deficient balance resulting from the property sale. however, this will reduce your credit scores by 250 points and you won't be able to get a mortgage within the next 2-3 years.
thanks
you should apply for a deed in lieu of foreclosure in order to get rid of the property and the mortgage. if the lender accepts your request, then you won't be liable for paying off the deficient balance resulting from the property sale. however, this will reduce your credit scores by 250 points and you won't be able to get a mortgage within the next 2-3 years.
thanks