Posted on: 13th Oct, 2010 01:52 pm
My husband and I bought a house 3 years ago and currently owe 145k on the home. We have outgrown the home and find that making the mortgage payments is not going to be possible with my job loss (salary) and upcoming medical bills. We haven't been late on any payments and our credit is excellent. We submitted paperwork and were "approved" for a short sale?? The home has been listed for 2 months at 98k. Is the deed in lieu of an option and what is the timeline? How will this effect our credit? Will the mortgage company be able to require we pay the remaining balance on the loan if we short sell or do a deed in lieu of? Thanks!!
Hi Guest,
You can apply for a deed in lieu of foreclosure with your lender to check out whether or not your request will be accepted. If yes, then you'll be able to get rid of the property and you won't have to pay off the balance dues resulting from the sale. However, it will take around 90 days to complete the process and your score will be reduced by 250 points.
Thanks
You can apply for a deed in lieu of foreclosure with your lender to check out whether or not your request will be accepted. If yes, then you'll be able to get rid of the property and you won't have to pay off the balance dues resulting from the sale. However, it will take around 90 days to complete the process and your score will be reduced by 250 points.
Thanks