Posted on: 26th Sep, 2008 09:12 am
We took a new job in another state bought another home rented out our old one. Things were good till we lost renter got behind on payments and now our lender said we have 2 options we can file for deed of luei or a short sale. does any one which is better for you're credit. I also heard that a deficiency judgement should be a concern with a short sale does anyone know what this is? Should I be concerend about taxes? We need what we usually get in return every year for daughters school payment.
Hello Tam3girls
Welcome to the forums. Couple questions?
How far behind are you?
Do you have anyone representing you so that you can legally file the deed in Lieu or short sale?
You asked what a deficiency is - It is the the difference left after the sale of the house at auction Ex the lender wants $150k out of the sale. But the house actually sells at the auction for 100k then you would be liable for the deficiency the $50k and any other associated fees due to being behind etc. Taxes- If the mortgage was set up to pay both your taxes and insurance in escrow you will be paid up until you fell behind. Get with the county where the home is located and find out what you owe in taxes.
if you private message me i can point you in the direction of some additional resources.
Mike
Welcome to the forums. Couple questions?
How far behind are you?
Do you have anyone representing you so that you can legally file the deed in Lieu or short sale?
You asked what a deficiency is - It is the the difference left after the sale of the house at auction Ex the lender wants $150k out of the sale. But the house actually sells at the auction for 100k then you would be liable for the deficiency the $50k and any other associated fees due to being behind etc. Taxes- If the mortgage was set up to pay both your taxes and insurance in escrow you will be paid up until you fell behind. Get with the county where the home is located and find out what you owe in taxes.
if you private message me i can point you in the direction of some additional resources.
Mike
I live in a market that has declined significantly. My home is worth at least 100,000+ less than the mortgage currently 249,000. I was working for Countrywide/BofA as an Appraiser and have now been let go due to a reduction in force. My husband has not had any financial income in over a year (he is also an Appraiser). We can not afford our mortgage any longer and are just wanting out of the house all together. We have paid every payment on time and have tried to get help from the bank due to this hardship. We have been told the investor on our loan will not help us until we have missed 2 months of payments. We do not want to ruin our great credit but feel we have no other way out. We would like to give the home back (Deed in lieu of foreclosure). But we don't know how that will effect our assets. Is there a way of out of this?
Hi Shar
Your query has been answered by one of our forum members in the given link:
http://www.mortgagefit.com/foreclosure/dil-effectassets.html
Please check it out. I hope it will help you.
Thanks.
Your query has been answered by one of our forum members in the given link:
http://www.mortgagefit.com/foreclosure/dil-effectassets.html
Please check it out. I hope it will help you.
Thanks.