Posted on: 28th Jan, 2009 01:57 pm
We have two houses that are behind in their payments..why? because we had sold both of them on a land contract..two seperate families and they both defaulted on their contract at the same time. One of them was to close escrow this past October. They are both at least 3 payments behind. On top of all this my husband was severed from his job in Jan 08. and is still not working.We would like to do a deed in lieu.The mortgage companies, Wells Fargo and Countrywide are asking for financial statements. We are afraid if we disclose this information they will think we have too much income. My husband is drawing unemployment and we also receive adoption subsidies. Do we need to report the subsidies? WE DO NOT want either of these homes. THey have been off and on the market for sale for years without any luck. We just want to be rid of them. Any suggestions?
Hi thecrislers!
Welcome to forums!
Did you write a hardship letter to the lender and request for a deed in lieu? I do not think unemployment benefit and adoption subsidies will disqualify you for deed in lieu. As far as I know, you will have to mention unemployment benefit and adoption subsidies to the lender.
If you can write a hardship letter properly and request for a deed in lieu, I think the lender may accept it.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Did you write a hardship letter to the lender and request for a deed in lieu? I do not think unemployment benefit and adoption subsidies will disqualify you for deed in lieu. As far as I know, you will have to mention unemployment benefit and adoption subsidies to the lender.
If you can write a hardship letter properly and request for a deed in lieu, I think the lender may accept it.
Feel free to ask if you have further queries.
Sussane