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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi Guest!
Welcome to forums!
Deficiency judgments are allowed in New Jersey. If your property is short sold, the lender will sue you for the deficient amount. Deficient amount is the difference between the mortgage owned by you and the price at which the property is sold off at the auction. If you are unable to pay off the deficient amount, the lender may wither garnish your savings account or can place lien on your other property. I would suggest you to contact the lender once again and apply for a loan modification. If the lender accepts it, then you would be able to save the property as well as your son's credit.
Feel free to ask if you've further queries.
Sussane. |
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Need help
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Post subject: Options |
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I bought my home in 05 for $350k via a 1031 exchange and put $50k down. Since then, the area I live in has taken major hits and in continuing to decline. As such, currently my home is worth approx $175k but my mortgage (a 5/1 ARM) is $294.5k. Jobs are going away right an left and I've applied for jobs outside of the State of FL. I'm not late but things are extremely tight each month and I struggle to make the tax and insurance payments every year since these are paid separately from the mortgage. I've been looking at Deed in Lieu vs. Short Sale vs. Short Refi. If I get a job in another state there is no way I can afford to keep both payments up. Another key factor is that my Mom has had to move in with me as she can no longer keep her house which is almost as far under and my home.
I'm trying to do the least amount of damage to my credit score so I might be able to either rent or buy a home in the area I have to move.
Comments, help, information all greatly appreciated.
Thank you. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi Guest!
Welcome to forums!
If you're planning to rent a property, then you can afford to go for a deed in lieu of foreclosure. This will reduce your credit score by 250 points but you won't be liable for the deficient amount resulting from the sale of the property.
A short sale, on the other hand, would reduce your credit score by 75-100 points. However, you'll have to pay off the balance amount from the sale of the property.
If you plan to purchase a property, then short refinance will be the option for you. This will not hamper your credit score but you would be liable to pay off two mortgages. |
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nanysugar
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Post subject: Mortgage payments/short sale/deed in lieu????? other??? |
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I bought an apartment in indiana, and I'm doing mortgage payments, in the middle time trying to rent my property since july until now and nothing!!!
I know that if I sell is not a good business now because people say that Im going to loose money....but I just want to do something quickly I really don't care but I don't want to pay more mortgage...I need money to study...The only thing is I dont want to affect my credit score...What should I do???
Thanks for your time and advise. |
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peppy_happy
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Post subject: short sale, no late payments |
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I'm in an investor in AZ with underwater homes. Thinking of short sales or deed in lieu, but I don't want the credit hit.
Can I (or an agent or attorney) negotiate a short sale, etc, with the lender while still current, and not have a big hit on my credit score?
Furthermore, will they examine my other assets (such as my savings, 401K, primary residence equity, etc) to decide whether to agree to a short sale or deed in lieu? The thing is I have a fair amount of cash, but not enough to cover the negative on all the properties I hold. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi,
To nanysugar,
If you cannot make mortgage payments, then your best bet would be contact the lender and apply for a deed in lieu of foreclosure. Though it will lower your credit score by 250 points, you won't be responsible for the deficient amount. If you go for a short sale or a foreclosure, you would still be liable for the deficient amount.
To peppy_happy,
A deed in lieu or a short sale will hit your credit scores. A short sale would lower your credit score by 80-100 points whereas a deed in lieu would lower it by 250 points. Before approving it, the lender would definitely look into your financial situation.
Thanks |
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ALLIDAM
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Post subject: DEED IN LIEU |
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| I HAVE THREE INVESTMENT PROPRTIES. ALL THREE HAVE BEEN TAKEN A BEATEN FROM TENENTS & CRIME. I HAVE SANK OVER 30,000 INTO THE PROPERTIES IN THE LAST THREE YEARS TRING TO KEEP THEM RENTED. THEY ARE ALL VACANT. TRIED FOR 3 MONTHS TO SELL NO OFFERS. HOW DO I PROCEED WITH A DEED IN LIEU. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi ALLIDAM!
Welcome to forums!
Write a hardship letter to the lender and apply for a deed in lieu of foreclosure. The lender would come to know about your financial situation from this letter. Depending upon that, he would agree to your request.
Feel free to ask if you've further queries.
Sussane |
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