Posted on: 13th Dec, 2012 10:07 pm
hello there…around 2 years back when my dad dies, he left a mortgage owed to chase. i had signed the documents for his mortgage because he had turned the house over to me years ago, but the mortgage was in his name. he assured me there was ample insurance to pay it off. well, he had no insurance. i tried to keep up the payments, but that is when the bottom dropped out of the market and chase lowered it's appraisal value from $175,000.00 to $69,000.00.i live in texas and the house is in ohio. i tried to modify it, but chase refused and then i tried to "short sale" it but chase drug their feet every time we had a buyer, and the buyers would give up. i need to know what is the best thing i can do now, because i can't afford any expenses. should i just let them foreclose and walk away or ask for a "deed in lieu of foreclosure?
Hi gallows,
You should contact your lender and apply for a deed in lieu of foreclosure in order to get rid of the property. As the mortgage is not in your name, none of the mortgage relief options will have any negative impact on your scores or report.
Thanks
You should contact your lender and apply for a deed in lieu of foreclosure in order to get rid of the property. As the mortgage is not in your name, none of the mortgage relief options will have any negative impact on your scores or report.
Thanks
welcome gallows,
i agree with what james has said. rather than walking away from the property, it will be a better option to go for a deed in lieu of foreclosure. if you walk away from the property, the lender will foreclose the property which will have a severe negative impact on your credit.
i agree with what james has said. rather than walking away from the property, it will be a better option to go for a deed in lieu of foreclosure. if you walk away from the property, the lender will foreclose the property which will have a severe negative impact on your credit.