Posted on: 03rd Sep, 2009 02:54 pm
I was without a job for a little over a yr.and we havnt made a payment for @ least a yr.what can we do to save our house????
angelic_one_71
Welcoem the forum
At this point I woudl say really it is hard to get this back, unless you pay the amount your owe.
Best option is, let it go and start freash in few years
Good lucka and feel free to ask
Welcoem the forum
At this point I woudl say really it is hard to get this back, unless you pay the amount your owe.
Best option is, let it go and start freash in few years
Good lucka and feel free to ask
Hi angelic,
Normally lenders foreclose a property if your 3 months late on your mortgage payments. It's quite surprising to me that your lender has not foreclosed the property till now. As you've lost your job, I don't think the lender would be ready for a loan modification.
It would be better if you sell off the property. You can apply for a deed in lieu of foreclosure. You can surrender the property to your lender who would sell it off to recover the dues. As far as the deficient amount is concerned, it would be forgiven by your lender. You can rent a property meanwhile and try to get a job. After few years, you can again try for a mortgage to buy a property.
Normally lenders foreclose a property if your 3 months late on your mortgage payments. It's quite surprising to me that your lender has not foreclosed the property till now. As you've lost your job, I don't think the lender would be ready for a loan modification.
It would be better if you sell off the property. You can apply for a deed in lieu of foreclosure. You can surrender the property to your lender who would sell it off to recover the dues. As far as the deficient amount is concerned, it would be forgiven by your lender. You can rent a property meanwhile and try to get a job. After few years, you can again try for a mortgage to buy a property.