Posted on: 25th Dec, 2010 08:05 pm
Both my husband and I are employed and making our mortgage payment every month. But when we received our property value for the past two years it is valued at 40,000 but we owe 210,000. This is our dilemma what do we do ? We live in Florida so we know about deficiency judgments that we might encounter if we walk away. We do not want to go through bankruptcy. So what can we do? Were is Obama help for the working people. Need advise:(.....
Hi yzaguirre,
If you want to get rid of the property, then you should apply for a deed in lieu of foreclosure with your lender. This will not only help you in getting rid of the property but you won't be liable for paying any deficient balance to the lender. However, this will lower your credit score by 250 points.
If you want to get rid of the property, then you should apply for a deed in lieu of foreclosure with your lender. This will not only help you in getting rid of the property but you won't be liable for paying any deficient balance to the lender. However, this will lower your credit score by 250 points.