| Author |
Message |
|
|
mi b.
Guest
|
 Posted: Wed Oct 07, 2009 6:15 pm Post subject: DIL with no late payments possible? |
|
|
My husband and I purchased a house in Florida in 2006. Two years later, he lost his job but found another one in Virginia. We've had our home in FL on the market since May 2008. We did have 1 renter in the home from April 09-Aug. 09 (he moved out because he lost his job). When we moved to VA, we purchased another home, thinking the one in FL would sell. Now, Oct. 2009, it still has not sold. At the price we have it now, we would lose almost 20K. Even though my husband has a job, I am unemployed. We have gone through most of our investments and retirement funds to try and stay on top of the two mortgages, but the funds have come to the end. I am of the opinion that we need to concentrate our resources on keeping a roof over our head (interestingly, the roof over our head now is much cheaper than the home we haven't seen in a year) Would we even be considered for a DIL since the FL home is no longer a primary residence?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
 sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
|
| Posted: Wed Oct 07, 2009 6:18 pm Post subject: |
|
|
There is a good possibilty that lender may consider
You will need to prove your financial hard ship
One more option is, have your tried for loan modification |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
|
| Posted: Wed Oct 07, 2009 8:52 pm Post subject: |
|
|
Hi mi b!
Welcome to forums!
I don't think a loan modification would be a good option for you as you want to sell off the property. You can definitely apply for a deed in lieu of foreclosure. Depending upon your present financial situation, the lender would decide whether or not he would accept your request. However, you should remember that a deed in lieu will badly affect your credit report. It would lower your credit score by 250 points and will remain on your credit report for 7 years.
Feel free to ask if you've further queries.
Sussane |
|
|
manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.49 Dollars($)
|
| Posted: Thu Oct 08, 2009 8:40 am Post subject: |
|
|
| Shortsell will be big toll on your pocket I suppose.So if you want to save the credit score then shortsell will be a right choice,provided you have enough cash to pay the difference. |
|
|
sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
|
| Posted: Thu Oct 08, 2009 9:40 am Post subject: |
|
|
| The big catch is, you need that extra money to pay the deficient amoutn when you short sell |
|
|
