Posted on: 03rd May, 2010 01:17 pm
Hello, My husband lost his job a year ago and we've been making our mortgage payments from our savings account. Now, we have no more savings, our mortgage is 90 days behind and we are at our witsend. I have contacted a realtor about doing a short sale but also considering a DIL and wondering what the best option will be for us. Because we've been late on the mortgate, we know our credit has taken a hit and at this point don't care about it anymore. With two small children and no money, we just need relief from this house but don't necessarily want to go through forclosure.
Please any suggestions will help.
Please any suggestions will help.
Hi justinalevin!
Welcome to forums!
As you are not concerned much about your credit score, it would be a better if you could go for a deed in lieu of foreclosure. You should contact your lender regarding deed in lieu and if the lender accepts it, you would be able to sell off the property and won't be liable for the deficient balance resulting from the sale of the property. However, your score would get reduced by 250 points.
Feel free to ask if you've further queries.
Sussane.
Welcome to forums!
As you are not concerned much about your credit score, it would be a better if you could go for a deed in lieu of foreclosure. You should contact your lender regarding deed in lieu and if the lender accepts it, you would be able to sell off the property and won't be liable for the deficient balance resulting from the sale of the property. However, your score would get reduced by 250 points.
Feel free to ask if you've further queries.
Sussane.