Posted on: 20th Mar, 2010 08:12 am
Hello all. I have a couple of question. I currently live in condo unit and I'm behind on my mortgage 6mos, I accepted a forbearance payment, but at the end of the year I'm expected to pay back all owed monies which I cant afford. I have my place on the market for a short sell since 1/1/2010, but no hits on the property. I don't want to keep it, and eventually I would like to rent. What are my option? Foreclosure or bankruptcy?
hi des,
you can contact your lender and apply for a deed in lieu of foreclosure. depending upon your financial situation, the lender may be ready to accept your request. once your property is sold off, you won't be liable for the deficient balance resulting from the sale. thus, i personally feel that deed in lieu of foreclosure if a better option than bankruptcy or foreclosure.
you can contact your lender and apply for a deed in lieu of foreclosure. depending upon your financial situation, the lender may be ready to accept your request. once your property is sold off, you won't be liable for the deficient balance resulting from the sale. thus, i personally feel that deed in lieu of foreclosure if a better option than bankruptcy or foreclosure.