Posted on: 22nd Jun, 2010 11:05 pm
I have tried loan modification and short sale , but my bank says since I am current they will not qualify me. My condo is now worth 25% of what I paid. It is an investment property, but I have not been able to rent it for almost a year. My savings is dwindling.
Hi payango5366
It will be not a good advice to tell you to opt for either short sale or DIL without knowing your current credit score as this is the major deciding factor for choosing any of the option.
Secondly it is your investment house so you won't be liable for tax benefits,so this should be also considered while taking the decision.
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It will be not a good advice to tell you to opt for either short sale or DIL without knowing your current credit score as this is the major deciding factor for choosing any of the option.
Secondly it is your investment house so you won't be liable for tax benefits,so this should be also considered while taking the decision.
:!: :!: :!: :!:
My score was 790. Idid have a loan repayment plan on another property and it dropped to 699. I have repaid my delinquency about 3 months ago. I do not know what you mean about liable for tax benefits.
I will advice to go for short sell instead of DIL as DIL will hamper your credit score severely.
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THANK YOU