Posted on: 20th Jan, 2010 06:07 am
My husband just retired from the Army and we had to relocate for his new job. We have had our house on the market for 5 mths with no luck on a short sale. How do i contact the morgage companys (1st and 2nd) about transfer deed. We cannot afford to keep up two homes. Our income is not what it was when active duty.
Hi kradcliff,
You'll have to contact your lender and inform about your relocation due to new job and apply for a deed in lieu of foreclosure. It will depend upon the lender's discretion whether or not he would accept your request. If the lender accepts your request, you will have to sign a quit claim deed and transfer your property to him. After the auction, the lender won't come after you for the deficient amount but it would badly affect your credit score. Your score will get reduced by 250 points.
You'll have to contact your lender and inform about your relocation due to new job and apply for a deed in lieu of foreclosure. It will depend upon the lender's discretion whether or not he would accept your request. If the lender accepts your request, you will have to sign a quit claim deed and transfer your property to him. After the auction, the lender won't come after you for the deficient amount but it would badly affect your credit score. Your score will get reduced by 250 points.