Posted on: 07th Oct, 2010 06:09 am
I have a client whose condo I am trying to sell for a while now but no luck. We have reduced to the price to only $2,000 more then he owes the bank ($223,000) plus he is willing to pay out of pocket $8000 toward his closing. We still have had no luck. Everyone who sees it all have the same response, "don't like the location".
He is now looking to purchase a home, because he is going to be getting married. His current residence is not accomodating so he is thinking of doing Deed in Lieu of after he purchases the new home. Even if he rents out the old place he still has to put $700 a month towards it. What should he do?
He is now looking to purchase a home, because he is going to be getting married. His current residence is not accomodating so he is thinking of doing Deed in Lieu of after he purchases the new home. Even if he rents out the old place he still has to put $700 a month towards it. What should he do?
hi guest,
as your client wants to get rid of the property, then he should go for a deed in lieu of foreclosure after he purchases a new property for himself. however, he should note that a deed in lieu of foreclosure will reduce his credit score by 250 points and will remain on his credit report for the next 7 years.
thanks
as your client wants to get rid of the property, then he should go for a deed in lieu of foreclosure after he purchases a new property for himself. however, he should note that a deed in lieu of foreclosure will reduce his credit score by 250 points and will remain on his credit report for the next 7 years.
thanks