Posted on: 18th Jul, 2012 12:14 am
I received a foreclosure letter yesterday. I owe about 61,000 and my home is worth about 85,000. I don't have a sale date yet but it will be coming soon. I lost my job and now waiting on unemployment. Any suggestions would be appreciated.
Welcome Sion,
You're in a tough situation. It will be quite difficult for you to stop the foreclosure sale. You may not get the option of loan modification as you're not working now. Unless you have a job, it will be difficult to get qualified for mortgage modification.
You're in a tough situation. It will be quite difficult for you to stop the foreclosure sale. You may not get the option of loan modification as you're not working now. Unless you have a job, it will be difficult to get qualified for mortgage modification.
Hi Sion!
Welcome to forums!
You can contact your lender and apply for a deed in lieu of foreclosure. Though this will not help you in saving your property from sale but you won't be liable for paying any deficient balance resulting after the property sale.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can contact your lender and apply for a deed in lieu of foreclosure. Though this will not help you in saving your property from sale but you won't be liable for paying any deficient balance resulting after the property sale.
Feel free to ask if you've further queries.
Sussane