Posted on: 10th May, 2010 07:54 am
if we currently make enough money to maintain our mortgage at its current rate, however, the home was purchased at $170,000 and now is worth closer to $70,000; what are the best options?
we do not plan to live here much longer. it is small, and we have a son who is getting older and will soon need his own bathroom separate from us.
we would like to avoid foreclosure or any other major hits on our credit, however, we aren't sure what our best options would be. our combined income is around $130,000 a year and we live in florida.
we do not plan to live here much longer. it is small, and we have a son who is getting older and will soon need his own bathroom separate from us.
we would like to avoid foreclosure or any other major hits on our credit, however, we aren't sure what our best options would be. our combined income is around $130,000 a year and we live in florida.
As you want to get rid of the property, you can apply for a deed in lieu of foreclosure. Though the credit affects would be similar to a foreclosure, you won't be liable for the deficient balance resulting from the sale of the property.