Posted on: 05th Apr, 2011 02:08 pm
My husband and I need to relocate to another neighborhood due to the poor schools and increased crime in the area. We have lived in the home 2 years beyond expected due to the housing crisis. The home currently appraises for $60K less than we owe on the mortgage. We currently have no financial hardship and are current on our mortgage. We have the 80/20 adjustable loan which is set to adjust in 2 years. Our rate on the first loan is 8.75%. We are however expecting another child in 2 months which will change our family status. We were told by our lender after numerous calls, our only option would be to short sale. Is this true? Are there any other options available for families like us?
welcome rachel,
you can apply for a deed in lieu of foreclosure in order to get rid of the property. however, as you don't have any financial crisis, i don't think you'll be able to get a deed in lieu of foreclosure. in such a situation, you will have to go for short sale.
you can apply for a deed in lieu of foreclosure in order to get rid of the property. however, as you don't have any financial crisis, i don't think you'll be able to get a deed in lieu of foreclosure. in such a situation, you will have to go for short sale.