Posted on: 31st Dec, 2010 11:21 am
my 1st mortgage balance 340,000, 2nd morgage 34,000 house worth 180,000, don't qualify for h.o.p.e what are my alternatives, My house pymt. is 30% of my income. Does not make sense to hold onto property (I'm 65 wife 56)
Hi alex!
Welcome to forums!
You can apply for a deed in lieu of foreclosure in order to get rid of the property. You should contact your lender and apply for this option by mentioning about your financial hardship. If the lender agrees to it, you'll be able to get rid of the property. If the lender accepts your request, then you will be able to sell off the property and you won't be liable for paying off the deficient balance resulting from the property sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can apply for a deed in lieu of foreclosure in order to get rid of the property. You should contact your lender and apply for this option by mentioning about your financial hardship. If the lender agrees to it, you'll be able to get rid of the property. If the lender accepts your request, then you will be able to sell off the property and you won't be liable for paying off the deficient balance resulting from the property sale.
Feel free to ask if you've further queries.
Sussane