Posted on: 20th Mar, 2009 11:51 pm
We bought a home after moving here for a job my husband had for 2 weeks, that lasted 7 months. No longer makes the same money and cant afford the new home we bought and cant sell it because it has depreciated. Indy mac wont lower the payments and include future tax and ins. to where we can afford. it is sapose to be auctioned May 5th. it has been for sale for a year we have lived here over 2 years will we have a debt due after the foreclosure or deed in lue?
yes !! you will be having debt after the foreclosure..
just wait for the decision of the obama government. we hope for some good decision on their part. :arrow:
just wait for the decision of the obama government. we hope for some good decision on their part. :arrow:
just wait? not a good idea, i'm afraid.
Hi marilyns,
I would suggest you to contact the lender and apply for a deed in lieu. The lender will check your financial situation and decide whether he would accept it or not. If you provide the lender with proper documents regarding your financial situation, there is a chance that he would accept deed in lieu of foreclosure. In case of a deed in lieu, the lender will forgive the deficient amount. But if the property goes into foreclosure, you will have to pay the deficient amount.
I would suggest you to contact the lender and apply for a deed in lieu. The lender will check your financial situation and decide whether he would accept it or not. If you provide the lender with proper documents regarding your financial situation, there is a chance that he would accept deed in lieu of foreclosure. In case of a deed in lieu, the lender will forgive the deficient amount. But if the property goes into foreclosure, you will have to pay the deficient amount.