Posted on: 15th Oct, 2008 10:58 am
i purchased my condo nearly four years ago and now that the market has dropped out i can no longer afford to live there and have been unable to rent our sell. i have been looking into a deed in lieu of foreclosure, but i have a home equity line of credit and i am unsure of how this will impact me and how don't know how to proceed. basically, i am in need of advice and would certainly appreciate any help!
hi briem!
welcome to forums!
i hope you have already listed the condo for a sale in the market. you can immediately contact the lender ask him about loan modification plans. see if you are comfortable with the plans. if you are comfortable, then you may go for them. you can also consult the lender about refinance and see if he can offer you that.
you may also go in for a deed in lieu foreclosure or a short sale if the lender agrees. go through the following link to know more about deed-in-lieu foreclosure
http://www.mortgagefit.com/deed-lieu.html
feel free to ask if you have further queries.
sussane
welcome to forums!
i hope you have already listed the condo for a sale in the market. you can immediately contact the lender ask him about loan modification plans. see if you are comfortable with the plans. if you are comfortable, then you may go for them. you can also consult the lender about refinance and see if he can offer you that.
you may also go in for a deed in lieu foreclosure or a short sale if the lender agrees. go through the following link to know more about deed-in-lieu foreclosure
http://www.mortgagefit.com/deed-lieu.html
feel free to ask if you have further queries.
sussane
Hi briem!
I do not think you will get an option for refinance from the lender but you may definitely go in for a loan modification plan. And yes you can definitely speak to the lender about short sale and deed-in-lieu foreclosure.
To know more about short sale, have a look at the given page:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
Thanks.
I do not think you will get an option for refinance from the lender but you may definitely go in for a loan modification plan. And yes you can definitely speak to the lender about short sale and deed-in-lieu foreclosure.
To know more about short sale, have a look at the given page:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
Thanks.
I have a condo I've tried to sell or rent, it's less than two years old. I remarried and we are paying mortgage on her condo and we can't afford to pay two mortgages. I have custody of my son. I have used a agent to try to sell or rent it. I do not want a bad credit. Please help I could really use some help. I'm working two jobs and my wife works. Thanks
Hi michael!
Welcome to forums!
I would suggest you to inform the lender about your hardship and check if he can give you any option. You can speak to the lender about loan modification. This will help you in saving the property as well.
Sussane
Welcome to forums!
I would suggest you to inform the lender about your hardship and check if he can give you any option. You can speak to the lender about loan modification. This will help you in saving the property as well.
Sussane