Posted on: 27th Mar, 2011 11:37 am
I got a job two years ago and moved to another state where I purchased a second home. I have been maintaining payments on my first house since then, however, my husband is now unable to help me with the payments and we cannot afford to keep the first mortgage. A Realtor has told us it would need to sell for at least 40K less than we paid for it. Should I try for a short sale or a DIL?
hi cuomome,
if you have a single mortgage on the property, then you can apply for a deed in lieu of foreclosure in order to get rid of the property. if the lender accepts your request for a deed in lieu of foreclosure, you won't be liable for paying off the deficient balance resulting from the sale of the property.
thanks
if you have a single mortgage on the property, then you can apply for a deed in lieu of foreclosure in order to get rid of the property. if the lender accepts your request for a deed in lieu of foreclosure, you won't be liable for paying off the deficient balance resulting from the sale of the property.
thanks