Posted on: 05th Apr, 2010 03:32 pm
i haven't been able to make my mortgage paymaent since oct - 2009 - what are my best alternatives-and what consequencs should i expect
Hi jamesjohnson!
Welcome to forums!
Do you want to get rid of the property? If yes, then you should contact your lender and inform him about your hardship. You can apply for a deed in lieu of foreclosure. If your lender accepts your request, then you would be able to sell off the property and you won't be liable for the deficient balance resulting from the sale. However, it will have a negative effect on your credit score. Your score would go down by 250 points and it will remain on your credit report for 7 years as any other negative item.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Do you want to get rid of the property? If yes, then you should contact your lender and inform him about your hardship. You can apply for a deed in lieu of foreclosure. If your lender accepts your request, then you would be able to sell off the property and you won't be liable for the deficient balance resulting from the sale. However, it will have a negative effect on your credit score. Your score would go down by 250 points and it will remain on your credit report for 7 years as any other negative item.
Feel free to ask if you've further queries.
Sussane