Posted on: 28th Mar, 2013 12:37 am
I am a homeowner. I bought in 2009 for 130K. The home is down to 55k now and still dropping. Unfortunately I am current on my payments and pay my bills so I am ineligible for any help from BoA with the new settlement. Is it a better move to take the hit on my credit knowing that it will likely take decades for my home to reach close to the purchase price? After 7 years I can purchase another home correct? That may be sooner than I could sell my home and break even if I stay in it....
hi bonny,
if you want to get rid of the property, then you can also check out the option of deed in lieu of foreclosure. if the lender considers your request, then you will be able to sell off the property and won't be liable for paying off the deficient balance resulting from the property sale.
if you want to get rid of the property, then you can also check out the option of deed in lieu of foreclosure. if the lender considers your request, then you will be able to sell off the property and won't be liable for paying off the deficient balance resulting from the property sale.