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ginahow · Joined: 13 Nov 2007 Posts: 2 1.91 Dollars($)

I have recently been widowed, I am now on social security,my income has dropped and my house payment has increased. I am still current with my payments, but cannot continue much longer. I have only been here for 2 yrs, do not have any equity in the house. Would the deed in lieu be an option for me?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi ginahow,

Welcome to this forum.

I am extremely sorry to here your situation. I think if you face any problem with your mortgage payments, you should talk to your lender as soon as possible. More you delay; you will have fewer options available for you. So talk to your lender and find out what is the most suited and affordable option for you. If you see you cannot afford any options and deed in lieu is the best option, then go for. At least it is far better than foreclosure as it will affect your credit lesser than foreclosure.

We have also discussed it before how deed in lieu is better than foreclosure in our forum. You can check it out- http://www.mortgagefit.com/deed-lieu.html

Feel free to ask our community if you have any further questions.

Thanks,
Larry

jenkin7 · Posted: Wed Nov 14, 2007 12:08 am Post subject:

Hello Ginahow,

It is unfortunate to hear of your situation.

You may talk to your lender for refinancing the mortgage at a lower interest rate and see if it can be supported by your social security.

Have you already taken out a home equity loan, otherwise why do you say that there's no equity in the house?

If you are still current with your mortgage payments, you may list the house with real estate agents and try to sell off your property. With this you may pay the entire mortgage.

You may also try to put up the house on rent and this could help you to make the monthly payments.

Deed in lieu could be an option for you but it will affect your credit. So, if there are alternative options, it is better to avoid that.

Could you tell me your age? Because there are certain loan programs available for the aged.

Guest

Thanks Larry-
Thanks Larry, I have contacted my mortgage co. they didnt show much interest in my situation. I currently have my house on the market with no luck. Mortgage co. told me if I couldnt make the paymetns I needed to sell. They gave me some assistance info, which that is how I found out about the deed in lieu. My only fear is that will the deed in lieu keep me from buying a condo? I know it does some damage to your credit. Thanks so much for your original reply-

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi ginahow,

Short sale and deed in lieu of foreclosure has similar affect on your credit report but if your lender agrees for the deed in lieu then you need not to pay deficiency judgment.

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question on deed in lieu