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rlumpy1 · Joined: 15 Feb 2009 Posts: 2 1.47 Dollars($)

my job took a national hit in income and now my situation is critical

rlumpy1 · Joined: 15 Feb 2009 Posts: 2 1.47 Dollars($)

the govt is screwed up the working man!!

eric1 · Posted: Sun Feb 15, 2009 5:09 pm Post subject:

A few months after you stop making payments.

jameshogg · Posted: Sun Feb 15, 2009 7:25 pm Post subject:

Hi rlumpy,

I don't think foreclosure is the only option left with you. If you are unable to pay the mortgage dues, you should immediately contact with your lender and inform him about your hardship. You can speak to the lender about the options of loan modification, short sale or deed in lieu.

If you want to save your property, then loan modification is a good option. The loss mitigation department of the lender will give you a new repayment plan in this process through you will be able to pay off the dues.

If you want to sell off the property, then you can either go for a short sale or a deed in lieu. In both these processes, the lender will sell off the property and try to recover his debts. However, the difference lies in the fact that in a short sale, you will have to pay the deficient amount to the lender whereas in a deed in lieu, it will be forgiven. Apart from this, in a deed in lieu, your credit score will be reduced by 250 points whereas in short sale, it will go down by 75 points.

Thanks

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