We are not late, ARM reset we are considering deedinlieu

fta_associates · Joined: 16 Feb 2008 Posts: 1 1.34 Dollars($)

Our ARM has rest twice, and now with our current obligations we can't meet those terms. Before we get late on our payments we are thinking deed in lieu. House is valued @ 690K, we owe 636K, 422K first 214K on second. We want to keep our credit as best we can to avoid foreclosure.

adonis · Posted: Sat Feb 16, 2008 5:56 am Post subject:

Welcome Fta,

Talk to the lender. He may have better options for you to avoid the foreclosure. Also take a look at some of the other ways by which you can avoid foreclosure at http://www.mortgagefit.com/loss-mitigation.html .

gmakerley · Posted: Sat Feb 16, 2008 6:41 am Post subject:

well said, adonis. i agree that you are best-served to avoid the deed-in-lieu just as you would avoid foreclosure. neither is good for you.

your lender may, indeed, have a different method by which you can salvage your situation. by all means, check in with them and see if you will be able to work it out in a better fashion.

charlesarmbruster · Posted: Wed Feb 20, 2008 1:15 pm Post subject:

Sure -- you are in the driver's seat! Ask your current lender for advice! If you don't like what you hear, consider asking elsewhere. You will find that your situation is not as bad as you might think.

Stay open-minded -- Keep the Faith! GOOD LUCK!! Please respond with your thoughts, and let us know what you find out. Some people owe more than their home is worth, you know. I really don't think you'll have too much trouble, as long as your credit scores are over 680.

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.58 Dollars($)

I would look at refinancing before deed in lieu. With good credit, you should be able to get into a good rate and lower payment.

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