Posted on: 26th Oct, 2010 02:29 pm
Hello! My name is Valerie and I am a proud Army wife! My husband returned from deployment in August 2010 and he was given orders to PCS (Permanent Change of Station) to Texas in November 2010. We have owned our home in Florida since 2002 and have never missed a payment. We have stellar credit. Our home has been on the market since June 2010 and we have not had any showings or offers. We applied for the Housing Assistance Program that normally assists in this but we were told that we were not eligible because we refinanced in 2005. We only have the single loan on our house and we cannot maintain 2 residences. I called our lender (Wells Fargo) and they are sending us a package on Deed in Lieu. Is this our best option? We do not know what to do and would appreciate any advice. Thank you!
Hi mvhosier,
As you want to get rid of the property and you're moving out of the state, it is better to go for the option of deed in lieu of foreclosure. This will help you in selling off the property and you won't be liable for paying the balance amount resulting from the property sale. However, this will have a negative affect on your credit report. Your scores will go down by 250 points.
Thanks
As you want to get rid of the property and you're moving out of the state, it is better to go for the option of deed in lieu of foreclosure. This will help you in selling off the property and you won't be liable for paying the balance amount resulting from the property sale. However, this will have a negative affect on your credit report. Your scores will go down by 250 points.
Thanks