Posted on: 01st Jun, 2009 11:33 pm
Okay, here's a follow up question to one of the inquiries above, regarding investment property where payments are NOT late and the property has been already on the market for what is owed on the property for the three months... It still hasn't sold and I can't continue to pay, what's the next step??
Hi Robert,
Did you inform your lender about your hardship? You should write a hardship letter to your lender and inform him about your present financial situation. If you want to save the property, you can apply for a loan modification with your lender.
However, if you want to sell off the property, then you should apply for a deed in lieu. This will help you in selling off the property. Moreover, you won't be liable for the deficient amount.
Did you inform your lender about your hardship? You should write a hardship letter to your lender and inform him about your present financial situation. If you want to save the property, you can apply for a loan modification with your lender.
However, if you want to sell off the property, then you should apply for a deed in lieu. This will help you in selling off the property. Moreover, you won't be liable for the deficient amount.
Robert B sicne this is a investment property the lender may not be too keen on helping you with loan modification.
But go ahead and try yoru luck.
But go ahead and try yoru luck.