Posted on: 04th Oct, 2010 08:05 am
I currently co own a 4 bedroom home in redford michigan, i no longer resid in the home but the co - owner does and she has been paying the mortgage solely by herself. We are looking to sale the home so we both can purchase home seperately. Should we consider a deed n Lieu? The credit union has rejected a loan modification and neither of us can afford the mortagage at this time.
Hi Mill!
Welcome to forums!
You can contact the credit union and apply for a deed in lieu of foreclosure. The credit union will consider your request if you have already defaulted your mortgage payments. However, you should note that this will have a negative affect on your credit score and will lower it by 250 points.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can contact the credit union and apply for a deed in lieu of foreclosure. The credit union will consider your request if you have already defaulted your mortgage payments. However, you should note that this will have a negative affect on your credit score and will lower it by 250 points.
Feel free to ask if you've further queries.
Sussane