Home arrow Mortgage Forums arrow Mortgage Problems and Solutions arrow

What are my options?

Author Message
Icon Mini Profile papisalsa1





Joined: 09 Jun 2009

Posts: 4

2.48 Dollars($)
Post Posted: Tue Jun 09, 2009 3:40 pm    Post subject: What are my options?
Like 0
Dislike 0

I was misled and I bought a Condo Hotel in Florida three years ago for $680,00. The balance of the mortgage after 3 years is $517,000 and the property is not worth more than $350,000. I can't not continue to pay the mortgage. What is my best option? : foreclosure, deed in lieu or short sale.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10250
Location: ALASKA
1043.57 Dollars($)
Post Posted: Wed Jun 10, 2009 12:33 am    Post subject:
Like 0
Dislike 0

Hi papisalsa,

In my opinion, you can apply for a deed in lieu foreclosure. A deed in lieu will lower your credit score by 250 points but you won't be liable for the deficient amount resulting from the sale of the property.

Did you apply for a loan modification? This will help you in saving your property as well as your credit score.

_________________
Procrastination is the enemy of your financial success
Icon Mini Profile Realgeni





Joined: 13 Apr 2009

Posts: 1434

99.76 Dollars($)
Post Posted: Wed Jun 10, 2009 9:55 pm    Post subject:
Like 0
Dislike 0

papisalsa1

Welcoem to the forum

Try goign for short sale first and see if your ledner can forgive the deficient amount that way the impact on your score is minimal.

If that does nto work then ask for a deed in lieu or worst case foreclosure

Good luck and feel free to ask
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool





Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.075 seconds.