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brown40 · Joined: 11 Mar 2010 Posts: 1 1.34 Dollars($)

my sister purchased a 2nd home in florida (she lives in colorado) for her single parent daughter to live in. daughter has gotten marriend and no longer lives in that location.

value of house is about 55% of mortgage and my sister has been unable to find a renter because the rent is so high to cover payment that her house isn't competitive in the rental market. if she tries to sell the house and ask just the amount of the mortgage, it wouldn't sell.

what are he options? her and her husband are both seniors/retired and have a 1st and 2nd mortgage on their primary home in colorado

jameshogg · Posted: Thu Mar 11, 2010 8:14 pm Post subject:

Hi brown,

If your sister wants to get rid of the property, then she can apply for a deed in lieu of foreclosure with her lender. If the lender accepts her request, she will be able to sell off the property and won't be responsible for the deficient amount resulting from the sale of the property. However, her credit score would get lowered by 250 points.

Thanks

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mortgage default in florida