Posted on: 02nd Apr, 2009 08:05 am
I was divorced over a year ago. My ex and I have been trying to sell the house for over 20 months! He is still living in the house and we are both paying on the house. Problem is we dropped the price of the house again and at this point we might have to right a check at closing. (if we ever get an offer on the house) At this point we are thinking about going to the mortgage company and signing over the house to them.(a deed transfer) We don't know what to do?
it's worth your having a discussion with your lender to see if you can coordinate a short sale. yes, you could consider a deed in lieu of foreclosure, but it'd be more likely that the lender isn't going to be open to that discussion at the moment. i say that based on what you've said about making payments on the loan at this time.
you'll need all your proverbial ducks in order if you wish to discuss a short sale. they'll want to know what values in your area are, etc.
you'll need all your proverbial ducks in order if you wish to discuss a short sale. they'll want to know what values in your area are, etc.
Hi fivejs,
George is correct in saying that you should try for a short sale. You can write a hardship letter to the lender and apply for a short sale. In a short sale, you will have to give away the property to the lender. The lender would sell it off in order to recover the dues. You'll have to pay the deficient amount resulting from the sale of the property. You should also note that a short sale will lower your credit score by 75-100 points.
George is correct in saying that you should try for a short sale. You can write a hardship letter to the lender and apply for a short sale. In a short sale, you will have to give away the property to the lender. The lender would sell it off in order to recover the dues. You'll have to pay the deficient amount resulting from the sale of the property. You should also note that a short sale will lower your credit score by 75-100 points.
Try to do a short sale on the property. This will reduce what you will have to pay the bank and save you from having to write a check at closing.