Posted on: 09th Jun, 2010 06:56 am
I contacted my lender. Is it true that with an FHA loan you have to try Short Sale for 120 days before you can do the deed in lieu of forclosure? We are behind on payments, and it would put me another 4 months behind if this is so. Can they forclose if I am in a Short Sale with intent to do a Deed in Lieu of Forclosure because I will not beable to afford the mortgage for those months? What is the estimate cost of my out of pocket expenses on a Short Sale and Deed in Lieu? I am finacially staped and can not afford the mortagage much less high fees for sale?
usually the person that you have the loan with just handles everything as well as the listing agent that you will allow to put the house up for short sale.... They are correct on that... I did it... had to list it... my lender was 90 days... then they accepted the contract...
The Deed in Lieu you need to ask questions... they may 1099 you for the difference... so if you owe $100 and selling for $60k, they will 1099 you for the $40k difference...
I walked from mine.... trying to short sale right now b4 they foreclose on it in Sept...
Good luck to you... call your lender... ask these questions...
What state are you in?
The Deed in Lieu you need to ask questions... they may 1099 you for the difference... so if you owe $100 and selling for $60k, they will 1099 you for the $40k difference...
I walked from mine.... trying to short sale right now b4 they foreclose on it in Sept...
Good luck to you... call your lender... ask these questions...
What state are you in?