Posted on: 22nd Dec, 2010 12:02 pm
We have a 30 yr fixed VA loan from 2005 in AZ. We also have a seperate loan (for a pool) that we still owe $28,000. I have lost my job (now for 6 mos. unable to find another) and can no longer afford to make payments. My wife was able to get a job in KY, but i am still without a job. We have a realtor trying to short sale but Jan 7th it goes to foreclosure. We are also paying 2 car payments. We are up to date with both of them but barely hanging on. What do you recommend?
Hi mfolio!
Welcome to forums!
If you want to get rid of the property, then you should contact your lender and request him for a short sale. Though a short sale will have less negative affects on your credit score, you'll be liable for paying the deficient balance to the lender. If you think that you're unable to pay off the deficient balance, then you should request the lender for a deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you want to get rid of the property, then you should contact your lender and request him for a short sale. Though a short sale will have less negative affects on your credit score, you'll be liable for paying the deficient balance to the lender. If you think that you're unable to pay off the deficient balance, then you should request the lender for a deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane