Compare Mortgage Quotes

driverdap2095 · Joined: 07 Nov 2008 Posts: 1 1.25 Dollars($)

i dont want to take bankrupsy

smithsussane · Posted: Fri Nov 07, 2008 8:26 pm Post subject:

Hi driverdap!

Welcome to forums!

Have you spoken to the lender about the option of loan modification? You can speak to the loss mitigation department of the lender. The loss mitigation department will offer you different plans along with loan modification so that you can easily pay off the debts.

You can also go for the process of forbearance wherein the mortgage lender can either reduce or suspend monthly installments paid by you. Normally this continues for a period of 6 months but the time period may extend depending upon the situation. Forbearance helps to avoid foreclosure.

Feel free to ask if you have further queries.

Sussane

jameshogg · Posted: Fri Nov 07, 2008 11:01 pm Post subject:

Hi driverdap,

If you can afford to lose the property, then you can try the options of deed-in-lieu foreclosure or short sale. You will apply for this to the lender and if the lender accepts, then you can sign away the property to the lender who will give you a note stating that the mortgage is paid off. He will then try to sell off the property in the market. In case of deed in lieu, the lender will forgive the deficient amount resulting from the sale and in short sale, the lender will ask you to pay off the deficient amount.

Thanks.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

how can i gethelp paying mortage i dont want to take bankru