Posted on: 22nd Aug, 2011 07:22 pm
i've been working with my mortgage company for many many months to avoid foreclosure. i have a modified mortgage pending and now have to move. i'm under about 45k and cannot find a buyer in our weak market. do i walk away, deed in lieu or try short sale?
hi dlrtx!
welcome to forums!
as you're facing financial hardship, you should contact your lender and apply for a deed in lieu of foreclosure. this will help you in getting rid of the property and you won't be liable for paying off the deficient balance resulting from the sale of the property.
feel free to ask if you've further queries.
sussane
welcome to forums!
as you're facing financial hardship, you should contact your lender and apply for a deed in lieu of foreclosure. this will help you in getting rid of the property and you won't be liable for paying off the deficient balance resulting from the sale of the property.
feel free to ask if you've further queries.
sussane
You can also look into the short sale, I have seen owners get money to relocate off the short sale, worth a shot. Good luck!
Homeowners facing foreclosure often have the option of selecting a short sale or a deed-in-lieu of foreclosure as a possible solution to their financial difficulties. When you decide to use a short sale to prevent foreclosure, you should understand that the sale must have the lende always agree. What the lender is doing when he accepts, is permitting you to sell your home for less than you owe him and taking the loss himself. Also, it is far less destructive to your credit rating than a foreclosure, as it is supposed to be listed as a on your credit report. However, it is still harmful to your credit score and can reduce it by 200 points or more.
On the other hand, deed-in-lieu may be your fastest way out than a short sale and that it is more likely to be acceptable to the lender. It is when you give your home back to your lender, take your losses and thereby prevent the foreclosure.
On the other hand, deed-in-lieu may be your fastest way out than a short sale and that it is more likely to be acceptable to the lender. It is when you give your home back to your lender, take your losses and thereby prevent the foreclosure.
I will be contacting my lender in the next few days. it appears that they have been dragging their feet because I have equity in the home. I did some number crunching and turns out I'm in the black not the red. We have neighbors sell at 20 to 80K less then what the property is worth just to be able to leave. One listed his home for 165 sold it in 10 days, turns out it was worth 195 he owned it outright but took the lost just to be able to leave. That is now hurting me cause I have the biggest home in the sub-division and it's harder to sell. Thanks you all for your replies and suggestions. :)
>>Do I walk away, deed in lieu or try short sale?
Always try a deed-in-lieu first, then short sale, but never ever walk.
Always try a deed-in-lieu first, then short sale, but never ever walk.
