Posted on: 10th Jul, 2011 07:31 pm
i have had my house for sale for over 3 years, i had a lease purchase agreement on it. but they were not able to get financing. i have just signed a release for them and they will be vacating end of next month. i am currently living abroad and do not have any income until my pension next year. the current market analsys on the property is almost as much as i owe. if i list it again i stand to make nothing and i still have to keep up the mortgage pmts. the real estate people will be the only ones that make anything. the motgage is not in arears now but i do not want to take my savings to make the pmts and lose what i spend when and if it does sell. is it a good idea to just turn it over to the mortgage comp.
Hi wiesnerwayne,
If you are facing financial problems in paying off the mortgage, then it is a good option to go for a deed in lieu of foreclosure. This will help you in getting rid of the property and you won't be liable for paying off any deficient balance to the lender.
Thanks
If you are facing financial problems in paying off the mortgage, then it is a good option to go for a deed in lieu of foreclosure. This will help you in getting rid of the property and you won't be liable for paying off any deficient balance to the lender.
Thanks
Your problem needs to be evaluated by an expert like a mortgage broker. You need to provide certain details about this property agreement that you had and any thing necessary for this matter. There are so many factors that can surely have a great affect on your situation. So to provide you with the most appropriate solution just try to consult on your trusted expert.
