Posted on: 04th Jul, 2010 07:02 pm
I am current on my mortgage but my house is upside down about $60,000. I am paying a huge monthly payment and struggling. Is there a way to get out of this? I have a 80/20 loan, interest only. I would be more that willing to pay the difference in a short sale over time.
Hi jacksonolan,
As you're facing hardship in paying off the mortgage dues, you should contact the lender and apply for a short sale. You would be liable for paying off the deficient balance after the sale of the property is over. It is good to note that you're willing to pay off the deficient balance. However, you should note that the lender will accept your short sale request only if you're delinquent on your mortgage payments for 2-3 months.
Thanks,
Jerry
As you're facing hardship in paying off the mortgage dues, you should contact the lender and apply for a short sale. You would be liable for paying off the deficient balance after the sale of the property is over. It is good to note that you're willing to pay off the deficient balance. However, you should note that the lender will accept your short sale request only if you're delinquent on your mortgage payments for 2-3 months.
Thanks,
Jerry