Posted on: 03rd Mar, 2009 10:09 am
what is the best way to leave a property that is $100,000 upside down? we need to move and are trying to make the 'best' decision in this crisis. anyone know? esp. with obama's stimulus package?
Are you sure you have to leave it?
Have you tried renegotiating with your current lender for a loan modification?
Have you tried renegotiating with your current lender for a loan modification?
Hi lifeohope!
Welcome to forums!
As Chris has said, you should first try negotiating with the lender. If you go for a loan modification, it will help you in saving the property. The lender will give you an alternative plan so that you are able to pay the dues.
If you want to sell off the property, you can apply for a short sale or a deed in lieu. However, you should note that a short sale or a deed in lieu will affect your credit score. A deed in lieu will lower your credit score by 250 points whereas a short sale will lower it by 75-100 points.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As Chris has said, you should first try negotiating with the lender. If you go for a loan modification, it will help you in saving the property. The lender will give you an alternative plan so that you are able to pay the dues.
If you want to sell off the property, you can apply for a short sale or a deed in lieu. However, you should note that a short sale or a deed in lieu will affect your credit score. A deed in lieu will lower your credit score by 250 points whereas a short sale will lower it by 75-100 points.
Feel free to ask if you have further queries.
Sussane
