Posted on: 28th Jul, 2010 12:37 pm
IVE DECIDED TO RENT INSTEAD OF OWNING BECAUSE IM UPSIDE DOWN. I OWE MORE THAN THE HOUSE IS WORTH, BECAUSE OF THE BANKS ERA. NO ONE KNOWS WHAT HAPPEND TO THE FUNDS. WE TALKED TO THEM TO NO AVAIL. I DONT WANT TO JUST WALK AWAY, I PUT MY MONEY DOWN ON THE HOUSE TRYING THE INVESTMENT THING IT DID NOT WORKOUT. I HAVE NO EQUITY INTHE HOME, NO MONEY FOR A LAWYER. I JUST WANT TO BE DONE WITH HOMEOWNERSHIP.
Hi benjaminrosette!
Welcome to forums!
As you're unable to afford the mortgage, you can apply for a deed in lieu of foreclosure. If the lender accepts your request, then you can surrender the property to the lender. The lender will sell it off and recover the dues. The deficient balance amount resulting from the sale of the property will be forgiven by the lender. However, your credit score would get reduced by 250 points.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you're unable to afford the mortgage, you can apply for a deed in lieu of foreclosure. If the lender accepts your request, then you can surrender the property to the lender. The lender will sell it off and recover the dues. The deficient balance amount resulting from the sale of the property will be forgiven by the lender. However, your credit score would get reduced by 250 points.
Feel free to ask if you've further queries.
Sussane