Posted on: 12th Oct, 2009 11:19 am
I do not have any equity in my home since I owe more then it is worth. I have too many repairs to even try and sale. I just want to get out of my home, what are my options? If I quit making payments and the mortgage company forecloses then what will happen? I know that it goes on my credit for 7 - 10 years? I am trying to find out the best way to get out of my house.
Your optiosn are
1. shorsale - You may be laible to pay the deficiemtn amount
2. Deedin lieu - If the lender agrees for this, then you are not laible to pay anything
3. Foreclosure - depending on where you live, you may or may not owe anythign to the lender
1. shorsale - You may be laible to pay the deficiemtn amount
2. Deedin lieu - If the lender agrees for this, then you are not laible to pay anything
3. Foreclosure - depending on where you live, you may or may not owe anythign to the lender