Posted on: 23rd Aug, 2009 03:27 pm
I bought a home 2 1/2 years ago. Ofcourse since then the value of the home has gone down because of the lovely economy. My husband keeps going from job to job and it's getting tiring. Well now we've decided we want to go to school and do an apprenticeship but it's in a completely different state and city. We can't afford to keep our mortgage and pay rent somewhere else. We can't rent for what our mortgage payments are each month either. We've always been good on our payments and never had any troubles. How do we get out of our mortgage where we can't sell it for what we owe and can't rent it for what we pay? Thanks for any kind of help. Hope my story makes sense.
jaime68275
Welcoem to the forum
Check with yoru bank and see if they can help you with loan modification
Good luck and feel free to ask
Welcoem to the forum
Check with yoru bank and see if they can help you with loan modification
Good luck and feel free to ask
Hi jaime,
If you need to relocate to a different place due to job and cannot afford to pay the mortgage anymore, you can look to do a deed in lieu of foreclosure. Through this, you can sign over the title to the property to the lender and they can sell the property without having to foreclose on it. Though loan modification will reduce your monthly mortgage payments, it is not an option for you as you will not be able to afford both the mortgage and the rent.
If you need to relocate to a different place due to job and cannot afford to pay the mortgage anymore, you can look to do a deed in lieu of foreclosure. Through this, you can sign over the title to the property to the lender and they can sell the property without having to foreclose on it. Though loan modification will reduce your monthly mortgage payments, it is not an option for you as you will not be able to afford both the mortgage and the rent.