Compare Mortgage Quotes

Guest

So Cal owe 325 market 175 I'm 55 and my refinanced loan resets after 5 yrs interest only. I can make the payment but no guarantees about next year. Lender won't modify and only way looks like walking away. I don't want to stay 6-9 months as I have an oppurtunity thru family to start over thru them.I'm aware of the foreclosure process but can't seem to get the clear answer on the tax liability.Do the feds and Calif both have the tax foregiveness on the 1099? Also its hard to balance help from the family vs the uncertainy of being able to make your payment and just delaying the inevitable foreclosure down the road, and knowing at 65 I'm still underwater by 20% Any suggestions? Thank you

oswingrant · Joined: 13 Mar 2010 Posts: 57 0.39 Dollars($)

If I were you, since you said you can't get the mortgage modified by your lender, I would look for the next best thing. With the new HAFA program that came out earlier this year, I would see a short sale next. I would list the property for sale with a realtor and request for a short sale with your mortgage company. The the new HAFA program they can get $1500 for completing a short sale, and you can get $3000 for completing the short sale. see mortgagecrisistips.com for free help. Now if you are turned down for the short sale, ask your mortgage company for a Deed-in-Lieu of foreclosure, and hopefully one of those choice will workout for, unless you decide to hold on to the property by filing bankruptcy. but Deficiencies are rarely being seek by anyone these days, most companies and areas are just trying to get you to avoid the foreclosure sale by working something out with you.

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

Compare Mortgage Quotes

Walk away

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1