Posted on: 04th Aug, 2009 04:24 pm
Hai all,
I bought a house in 2007 for 25k. and we were making payments till now.
we never refinanced, we tried for home modification, they made 2100 per month, not able to pay that also.
From last year my husband lost job and now a stage has come we cannot make payments. 2200 per month. we have two small children. we cannot afford to make payments, in serious trouble. we plan to walk away and take an apartment to keep our children.
What are the good options to us, any special rules in virginia.
please advice, how to go away, things to be done
. thanks in advance
I bought a house in 2007 for 25k. and we were making payments till now.
we never refinanced, we tried for home modification, they made 2100 per month, not able to pay that also.
From last year my husband lost job and now a stage has come we cannot make payments. 2200 per month. we have two small children. we cannot afford to make payments, in serious trouble. we plan to walk away and take an apartment to keep our children.
What are the good options to us, any special rules in virginia.
please advice, how to go away, things to be done
. thanks in advance
bblessed100
Welcometo the forum
Sorry about your situation
If you stop making paymnets the lender will probably forclose on your house
This will affect your credit score and report
Good luck and feel free to ask
Welcometo the forum
Sorry about your situation
If you stop making paymnets the lender will probably forclose on your house
This will affect your credit score and report
Good luck and feel free to ask
Hi bblessed!
Welcome to forums!
Your lender had modified your payments and given you a lower amount which you are unable to pay. You can apply for a forbearance and check if the lender can suspend your payments for few months. Once your financial situation improves, you can then start paying off the dues.
However, if the lender is not ready to offer the forbearance plan, then you will have to sell off the property through a deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your lender had modified your payments and given you a lower amount which you are unable to pay. You can apply for a forbearance and check if the lender can suspend your payments for few months. Once your financial situation improves, you can then start paying off the dues.
However, if the lender is not ready to offer the forbearance plan, then you will have to sell off the property through a deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane
thanks a lot realgeni and smithsussane,
i asked my lender about forbearance and he is not agreeing . I told him by painful story. what i need to do now for deedinlieu of foreclosure. when i need to leave from my dearest home?
pl reply
i asked my lender about forbearance and he is not agreeing . I told him by painful story. what i need to do now for deedinlieu of foreclosure. when i need to leave from my dearest home?
pl reply
bblessed
Once the process starts and you sign all the necessary documnets lender will give you notice of evacuation. Normally it will be 30 days from that notice
Good luck and feel free to ask
Once the process starts and you sign all the necessary documnets lender will give you notice of evacuation. Normally it will be 30 days from that notice
Good luck and feel free to ask
if we sign DLF , and we walk away , can we get apartmnent, i worry with my children, because my credit score will be less? I am really worried..pl reply
Hi bblessed,
After a deed in lieu of foreclosure, you will be able to rent an apartment. You can then try to improve your credit score. After 3-4 years you would be able to get a mortgage to buy a property.
After a deed in lieu of foreclosure, you will be able to rent an apartment. You can then try to improve your credit score. After 3-4 years you would be able to get a mortgage to buy a property.
bblessed
You shoudl eb able to find an apartment to rent.
Just you need to exaplin them the situation
Rememebr lot fo aprtments are also vacant and they want renteres
God luck and feel free to ask
You shoudl eb able to find an apartment to rent.
Just you need to exaplin them the situation
Rememebr lot fo aprtments are also vacant and they want renteres
God luck and feel free to ask
If we walk away in Virginia, does the lender come behind us??
I lost my job and only one member has job. Trying for some jobs in Virginia, not able to do so, planning to move to other states, to bring up small children..
This is primary residence and not yet refinanced, we are planning to sign DIL . if lender does not agree we will walk away.
will they come behind us?
really dont know what to do
please advice.. Thanks
Also now the lender has send us modification 300 less, if we sign that can we walk away after that? we cant afford that payment also
I lost my job and only one member has job. Trying for some jobs in Virginia, not able to do so, planning to move to other states, to bring up small children..
This is primary residence and not yet refinanced, we are planning to sign DIL . if lender does not agree we will walk away.
will they come behind us?
really dont know what to do
please advice.. Thanks
Also now the lender has send us modification 300 less, if we sign that can we walk away after that? we cant afford that payment also
Hi Guest,
If the lender agrees for a deed in lieu of foreclosure, he won't come after you for the deficient amount. You can walk away from the property, though you accept a loan modification. However, if you walk away from the property, then the lender will have the right to foreclose it and sue you for the deficient amount. If you're unable to pay off the deficient amount, he may charge off the account to a collection agency.
If the lender agrees for a deed in lieu of foreclosure, he won't come after you for the deficient amount. You can walk away from the property, though you accept a loan modification. However, if you walk away from the property, then the lender will have the right to foreclose it and sue you for the deficient amount. If you're unable to pay off the deficient amount, he may charge off the account to a collection agency.