Posted on: 05th Jul, 2007 01:57 pm
I cant afford my loan any longer, due to all roomattes moving out, so I wanted to see how can I minimize the damage of my credit, time, and return the property to the lender.
Your credit will be damaged even with a deed in lieu.
How is the market? Did you try to sell it? If you can find a buyer, that would be much better.
Thanks
Blue
How is the market? Did you try to sell it? If you can find a buyer, that would be much better.
Thanks
Blue
how much equity exists in the property? you can look to refinance the mortgage to get a new loan with lower rates than what are for your present mortgage and be able to continue the payments.
how much is left on the mortgage and present value of your house, these 2 things will let you know what your position is right now.
miller
how much is left on the mortgage and present value of your house, these 2 things will let you know what your position is right now.
miller
Are there any defaults as yet? You can get in touch with the lender and explain your situation.
It might be possible that mortgage terms are modified so that monthly payments become more affordable for you. This can be done by extending the term of the loan and adding the defaulted payments to the loan balance.
It might be possible that mortgage terms are modified so that monthly payments become more affordable for you. This can be done by extending the term of the loan and adding the defaulted payments to the loan balance.
You should contact the mortgage company and tell them about the problem you are in. They will try to suggest a solution which can be affordable for you such as forbearance, loan modification etc.
Also tell us about your income, mortgage payments and other monthly debt payments so that we can provide you some suggestions on whether there can be a possibility of your continuing the mortgage after meeting other expenses.
Also tell us about your income, mortgage payments and other monthly debt payments so that we can provide you some suggestions on whether there can be a possibility of your continuing the mortgage after meeting other expenses.
Hi Vicro,
First know the current market value of your property. Then if you feel that the appraised property value is upto you satisfaction, it will be better if you sell it to a buyer rather than the lender to avoid the tax for the deed in lieu. But before selling talk to your lender and ask him to modify your loan period and to offer you some alternative repayment plans.
Let me know if the loan is in your name only or it includes your room mates also as you all were staying together. Then I can help you with some further suggestions.
First know the current market value of your property. Then if you feel that the appraised property value is upto you satisfaction, it will be better if you sell it to a buyer rather than the lender to avoid the tax for the deed in lieu. But before selling talk to your lender and ask him to modify your loan period and to offer you some alternative repayment plans.
Let me know if the loan is in your name only or it includes your room mates also as you all were staying together. Then I can help you with some further suggestions.
Welcome Vicro,
You've mentioned that you're unable to afford the loan any longer but have the lender taken any step against you - I mean has he declared a foreclosure or asked you to follow a different payment plan whereby you will be making low monthly payments?
You've mentioned that you're unable to afford the loan any longer but have the lender taken any step against you - I mean has he declared a foreclosure or asked you to follow a different payment plan whereby you will be making low monthly payments?
Hello Vicro,
It is essential to know whether the title of the property is in your name. Also you may inform the mortgage company to help you come out the problem.
It is essential to know whether the title of the property is in your name. Also you may inform the mortgage company to help you come out the problem.