Posted on: 19th Aug, 2010 03:51 pm
hi,
we have a home in memphis tn. got transferred & gave the house for rent. tenents did not pay for 5 months. went back in our mortgage payments by 2 months. last yr my husband lost job ,so payments went back by 1 more month. even though we were 3 months behind we still kept paying. finally in june lender sent check back saying can't accept partial payments. sent us foreclosure notice. any ideas on what to do. is short sale our only option. applied for help to lender numerous times. every time thay blow us off with some excuse.
please advice.
thanks
we have a home in memphis tn. got transferred & gave the house for rent. tenents did not pay for 5 months. went back in our mortgage payments by 2 months. last yr my husband lost job ,so payments went back by 1 more month. even though we were 3 months behind we still kept paying. finally in june lender sent check back saying can't accept partial payments. sent us foreclosure notice. any ideas on what to do. is short sale our only option. applied for help to lender numerous times. every time thay blow us off with some excuse.
please advice.
thanks
Hi Shami,
You can contact your lender and apply for a deed in lieu of foreclosure. If your lender is convinced about your financial hardship and accepts your request, you would be able get rid of the property. Moreover, the best part is that you won't be liable for paying the balance dues resulting from the property sale. However, it would reduce your score by 250 points.
You can contact your lender and apply for a deed in lieu of foreclosure. If your lender is convinced about your financial hardship and accepts your request, you would be able get rid of the property. Moreover, the best part is that you won't be liable for paying the balance dues resulting from the property sale. However, it would reduce your score by 250 points.