Posted on: 06th Nov, 2010 01:50 pm
hello
i am at my wits end. i honestly don't know which way to turn.
recently my husband of 20 yrs sadly, passed away.(9-7-2010)
we purchased our home 12 years ago and have refinanced three times the last time my husband refinanced in 2009.
he was the soul breadwinner and never missed a paymt in our mortgage history.
now that he has passed away i have made three mortgage payments (approx. $2,000.00 monthly)
i have put the home up for sale its been up now for 32 days no hits no offers.
i cannot afford to stay here as i am not employed and have medical problems.
i need to move closer to family and a much cheaper state to live.
we have a mortgage and second mortgage (equity line of credit) between the two combined the house is still worth more than what is owed.
our credit is excellent and i realize doing a deed of leiu would effect it but i cant sell my home fast enough and i need to move on with the funds i have , i cannot afford to invest in a home i cant afford or a county and state i cant afford to live in anymore, being a widow now.
can i please get some needed advice on my options of deed of leiu what happens with the the first and second can i give the keys back? what will happen to me i cannot afford to pay anything in this transaction.
what does a widow do in this position?
so overwhelmed----
i am at my wits end. i honestly don't know which way to turn.
recently my husband of 20 yrs sadly, passed away.(9-7-2010)
we purchased our home 12 years ago and have refinanced three times the last time my husband refinanced in 2009.
he was the soul breadwinner and never missed a paymt in our mortgage history.
now that he has passed away i have made three mortgage payments (approx. $2,000.00 monthly)
i have put the home up for sale its been up now for 32 days no hits no offers.
i cannot afford to stay here as i am not employed and have medical problems.
i need to move closer to family and a much cheaper state to live.
we have a mortgage and second mortgage (equity line of credit) between the two combined the house is still worth more than what is owed.
our credit is excellent and i realize doing a deed of leiu would effect it but i cant sell my home fast enough and i need to move on with the funds i have , i cannot afford to invest in a home i cant afford or a county and state i cant afford to live in anymore, being a widow now.
can i please get some needed advice on my options of deed of leiu what happens with the the first and second can i give the keys back? what will happen to me i cannot afford to pay anything in this transaction.
what does a widow do in this position?
so overwhelmed----
you will have to contact your first lender and apply for a deed in lieu of foreclosure. he will contact the second lender and if both of them agree to it, then the first lender will go for deed in lieu of foreclosure. moreover, you should be delinquent on your mortgage payment in order to get the deed in lieu of foreclosure accepted. if the lender accepts your request, then you won't be liable for paying off the deficient balance resulting from the first loan. however, you should pay off the second loan in full after the property is sold off.