Posted on: 21st Feb, 2009 07:55 pm
I am upside down by approximately 240000, my first is an ARM my second is fixed 30 yr. I have not miised any payments not have I been late on any. I am relocating with my family for a job promotion/transfer, my wife is quitting her job. I will be next to impossible for us to rent our home and make up the differnence on a monthly basis living out of the area.
Hi davidacook,
As you are not late in your mortgage payments, I doubt if the lender would agree to modify your loan. As you are relocating, you can try to sell off your property. You can apply for a deed in lieu and check if the lender accepts your requests or not.
But you should also remember that a deed in lieu will badly affect your credit score and lower it by 250 points. To know more about deed in lieu, check out the following page:
http://www.mortgagefit.com/deed-lieu.html
Take Care.
As you are not late in your mortgage payments, I doubt if the lender would agree to modify your loan. As you are relocating, you can try to sell off your property. You can apply for a deed in lieu and check if the lender accepts your requests or not.
But you should also remember that a deed in lieu will badly affect your credit score and lower it by 250 points. To know more about deed in lieu, check out the following page:
http://www.mortgagefit.com/deed-lieu.html
Take Care.
david, you need to contact your mortgage lender to discuss this at length. you have extenuating circumstances here, inasmuch as you're relocating. you always need to be in contact with your lender if your circumstances change.
