Posted on: 12th Sep, 2009 08:53 pm
my husband and i bought a house 2 yrs ago in foreclosure. it was valued at 240 we bought for 160 and now its 60. (vegas) he lost his job and moved 1100 miles away 7 mo ago and we have been doing all we can to keep things going. we can afford the morgage, but with us living 1100 miles away from eachother both working full time. i tried loss mitigation but they wouldn't answer questions becasue we are making payments on time. i am thinking by the time we rebound in this market it will be 5-7 yrs. i had origianally thought to rent, for a couple years but with the continued depreciation of the property i can't be tied to a proprety 1100 miles away that i can't rent for the full morg. anyway. once i move there i will be out of a job and we won't be able to afford the morg. i was thinking a dil was the best bet, to cut the loses and get our family in the same state! (yes kids involved here. argh) any information would be helpful.
Yes you are correct
First you cna try to see if you can do short sale, if thats is not anoption go for deed in lieu
First you cna try to see if you can do short sale, if thats is not anoption go for deed in lieu
lonewolf
it is really unfortunate. you have lost almost 100K in 2 yrs. & you are away from vegas.
Best way is to go for DIL. you can easily recover your credit score. 6 yrs is a big time
it is really unfortunate. you have lost almost 100K in 2 yrs. & you are away from vegas.
Best way is to go for DIL. you can easily recover your credit score. 6 yrs is a big time
hi lonewolf,
deed in lieu of foreclosure (dil) would be a good option in this situation compared to a short sale. however, you should keep in mind that most lenders consider the option of deed in lieu or short sale only when you are delinquent on your mortgage payments. i would suggest you to write a hardship letter to the lender and apply for a deed in lieu of foreclosure. after judging your situation, the lender would let you know whether or not he would accept your request.
deed in lieu of foreclosure (dil) would be a good option in this situation compared to a short sale. however, you should keep in mind that most lenders consider the option of deed in lieu or short sale only when you are delinquent on your mortgage payments. i would suggest you to write a hardship letter to the lender and apply for a deed in lieu of foreclosure. after judging your situation, the lender would let you know whether or not he would accept your request.