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mort

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nelria12 Joined: 05 Jul 2010 Posts: 19 0.08 Dollars($)	Posted: Sat Mar 26, 2011 11:23 pm    Post subject: mort Like 0 Dislike 0 My husband and I have owned out home for 13 years. It is our primary residence. Last November, 2009 we refinanced consolidate our 1st and 2nd mortgages and to pay off credit card debt. Our credit was poor at the time and we received a 11.33% interest rate on the new loan. They told us that if we could keep on the mortgage payments and not incrue any new debt, they would refinance us Nov 2010. Since then they have closed all their branches and are no longer taking any new business which included refinancing their current clients. We currently owe $158K with a payment of $1,760 per month plus a 5% prepay penalty estamated value of the home is $166k. if we refinance or sell before November 2011. The currently mortgage company states that they have chosen not to participate in the Obamha Stimulas package. We have been playing the pay them late but just in time game for month and we can't keep it up any longer. On Sept 30,2009 we will hit our first 30 days past due. We have found a rental house to move into but what are our options for getting out of this home and the mortgage. How will the options affect our credit? is one worse than the other. What are the tax implimintations?
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sun Mar 27, 2011 9:41 am    Post subject: Like 0 Dislike 0 Hi Nelria, Welcome to Mortgage fit, From your detailed post what I have came to know is.... You wish to get rid of the home as early as possible without getting much toll on your credit..Am I right?? So you should contact your lender and ask him whether he can offer you Deed in lieu of Foreclosure...This is one of the most preferred option in this scenario..But it is at the sole descretion of the lender whether to award you DIL Foreclosure or not...For further details on the DIL Foreclosure you may visit this this link.... http://www.mortgagefit.com/deed-lieu.html If your lender rejects your application for the DIL then Shortsale could also be on of the option to avoid sleepless nights due to mortgage worry... Feel free to ask any further query if you have.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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