Posted on: 17th Jul, 2010 02:58 am
Is it possible to ask the mortgage lender to just take the house back? Do they do this? Who should I try to talk to at the mortgage lender? I just don't want to call and start talking to just someone that answers the phone.
hi sue,
i guess you're facing a financial hardship and want to get rid of the property.
in that case, i would suggest you to contact your lender and apply for a deed in lieu of foreclosure. this will not only help you in getting rid of the property but the best part is that you won't be responsible for paying the deficient balance resulting from the sale to the lender. however, in order to get your request accepted, you should be 2-3 months delinquent on your mortgage payments.
it should be noted here that a deed in lieu of foreclosure will have negative affects on your credit report. as any other negative item, it'll remain on your credit report for the next 7 years. moreover, it'll reduce your credit score by 250 points. also, you won't be able to qualify for mortgage in the next 3-4 years.
take care.
i guess you're facing a financial hardship and want to get rid of the property.
in that case, i would suggest you to contact your lender and apply for a deed in lieu of foreclosure. this will not only help you in getting rid of the property but the best part is that you won't be responsible for paying the deficient balance resulting from the sale to the lender. however, in order to get your request accepted, you should be 2-3 months delinquent on your mortgage payments.
it should be noted here that a deed in lieu of foreclosure will have negative affects on your credit report. as any other negative item, it'll remain on your credit report for the next 7 years. moreover, it'll reduce your credit score by 250 points. also, you won't be able to qualify for mortgage in the next 3-4 years.
take care.