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Hi, I am the spouse of a military member. We have a family with three children. I recently moved to Jacksonville, Fl with our children and bought a Newly Built' home! We were certain my husband would be able to join us soon or at least be able to visit on weekends, takingHOP flights (they had them every day of the month and then every weekend). Right after we bought the house in the end of July 07' and moved in, we were hit with the news that he WOULD NOT be sent here and also after that, the military discontinued the HOP flights to where we are. To add to this, I started back to work, but because of previous injuries ( from being in a couple of accidents) I am not able to work to make enough money to help support our family or to maintain the mortgage and bills. It's only been a few months and we NEED to get out of this situation even if we just give the house back and take a hit on our credit... as long as we don't OWE anything! The mortgage is paid for November but once December comes we wont be able to afford it. I heard about a Deed In Lieu, is that something we can do? Our family will be separated for more than three years (at least) if we can't get out of this. Our only other option is to 'just walk away'! Can we just give back the house, deed and keys since it's only been 3-4 months? Please help!

evolovik26 · Posted: Mon Nov 12, 2007 8:53 am Post subject:

Sorry to hear things arenworking out for you. As long as you have no means to pay you can only go into foreclosure or do deed in leiu. Contact your lender and perhaps the loan officer who got you the loan to discuss your options. Also see if you can rent the property out.

michelle · Posted: Tue Nov 13, 2007 11:12 am Post subject:

I am sorry to hear that you are having such a difficult time.

I agree that you could contact your current lender and see if they will accept a deid in leiu.

If possible, renting the property would be a great way to resolve your situation for now. You may want to contact several property management companies in the area to see if the going rent for your home would pay the mortgage.

I wish you and your family the best.

Guest

Want to talk to a Realtor with experience in "short sales" They differ from Deeds in leius in the respect the credit report will show "paid or settled" on a short sale. Your bank must also agree to the short sale and you usually must be in default.

Also, you might be able to get the bank to rewrite your loan. It is not likely, however, it is an option to pursue.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

Sorry to hear about your situation, you definately should call you lender and see if there is anyway to sell the property. They may have a plan that will work for you. I would start with them before calling anyone else, they will be interested in you helping you with your property problems. goodluck

scherzeroni · Joined: 05 Jan 2008 Posts: 51 18.77 Dollars($)

If you dont see yourself being able to afford the payments in the near future then I would suggest looking at options that would release you from this obligation. The first option could be a short sale. This is where the lender accepts a payoff that is lower than actually owed. They will only consider this when the you have a buyer that is willing to pay market value for the home. This way, you wont have a foreclosure on your record. A deed in leiu of foreclosure could be another option. Please call your lender to discuss these and other options that they may have available to you.

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