Posted on: 01st Aug, 2009 07:08 pm
I am currently working out of state but this contract will end. I can't afford to keep paying my mortgage. I have been completely current and my wife and I want to off load our home but we can't sell it for what we owe. There is only the one mortgage on the home. We currently have a renter in the home and they would like to purchase the home, but it won't appraise out due to the market. What can we do?? Deed in lieu?? Short sale? Or just stop paying and let it forclose?
s_enos79
welcome to mortgagefit
how much is the difference between the current market price of the house and how much do you owe???
Let us know the figure so that we will be able to offere the best option.
keep in touch......
:arrow: :arrow: :arrow:
welcome to mortgagefit
how much is the difference between the current market price of the house and how much do you owe???
Let us know the figure so that we will be able to offere the best option.
keep in touch......
:arrow: :arrow: :arrow:
I believe there is about a 60k difference now.
I believe there is about a 60k difference between what is owed and what the home will appraise out for.
s_enos79
Welcoem to the forum
Since you are current on the payment, I would suggest you want to pursue the route of short sale first
That will have little impact on your credit scrore as compare to foreclsoure.
But you need to work wth a short slae specialist (Realtor) whoh cna helpb you with this process
Good luck and feel free to ask
Welcoem to the forum
Since you are current on the payment, I would suggest you want to pursue the route of short sale first
That will have little impact on your credit scrore as compare to foreclsoure.
But you need to work wth a short slae specialist (Realtor) whoh cna helpb you with this process
Good luck and feel free to ask
In reguards to short sales, don't I have to be behind on my payments in order to do a short sale? Also, what about just handing the deed over to the bank and walking away? How does all that work? If I am able to do a short sale, what happens to the difference in money? Will I be responsible for that? If so, How do I pay that?
Hi senos,
If you want to apply for a short sale, you'll have to be past due on your payments. The lender may not accept your short sale request if you are current on your mortgage payments. If you just walk away from the property, then it would be foreclosed upon and your credit would be badly affected. If you go for a short sale, you would be liable for the deficient amount resulting from the sale of the property. You can negotiate for a payment plan to pay off the deficient amount.
If you want to apply for a short sale, you'll have to be past due on your payments. The lender may not accept your short sale request if you are current on your mortgage payments. If you just walk away from the property, then it would be foreclosed upon and your credit would be badly affected. If you go for a short sale, you would be liable for the deficient amount resulting from the sale of the property. You can negotiate for a payment plan to pay off the deficient amount.
senos79
Again that above answer is mis leading
You do nto need to be behind on your payment for the lender to accept the short sale
If you stop makign payments it will affect your credit report immeditely after 60 days and you will loose more credit score if you do that, even if you are able to do a short sale
Good luck and pay attention to every one answers or you will end up makign wrong decisions
Again that above answer is mis leading
You do nto need to be behind on your payment for the lender to accept the short sale
If you stop makign payments it will affect your credit report immeditely after 60 days and you will loose more credit score if you do that, even if you are able to do a short sale
Good luck and pay attention to every one answers or you will end up makign wrong decisions
Hi Realgeni,
Lenders do not accept a short sale request if you are not delinquent on your mortgage payments. There are very few exceptions to this situation. Moreover, it is one of ways to avoid foreclosure. The question of foreclosure comes when you are already delinquent on your mortgage payments.
Thanks
Lenders do not accept a short sale request if you are not delinquent on your mortgage payments. There are very few exceptions to this situation. Moreover, it is one of ways to avoid foreclosure. The question of foreclosure comes when you are already delinquent on your mortgage payments.
Thanks
jameshogg
I do not agree and there is no ahrd and fast rule
What the abnk is lokkign for is, that you have a finacial difficulty and based on that they will work with the borrower to do a short sale or a loan modification
Thank you
I do not agree and there is no ahrd and fast rule
What the abnk is lokkign for is, that you have a finacial difficulty and based on that they will work with the borrower to do a short sale or a loan modification
Thank you