Compare Mortgage Quotes

Niicss · Posted: Mon Jul 27, 2009 2:01 am Post subject:

Hi Mofun

After a short sale, the credit rating may go down by 80-100 points. After the short sale, you will not be able to get a mortgage for the nest 2-3 years. Moreover, the short sale will remain on your credit report for 7 years as any negative item.

In a short sale and a foreclosure, the defaulter would be liable to pay the deficient amount resulting from the sale of the property. In case of a deed in lieu, you won't be liable for the deficient amount. However, both deed in lieu and foreclosure will lower your credit rating by 200-250 points.

Thanks.

Guest

I have a condo with a total mortgage (1st & 2nd ) of 180,000. My condo would not sell for more than 160,000 and I would need to make app 10,000 in updates/repairs to sell. Credit Score 680. Credit cards were "0", now $11,000 due to 3 months of unemployment. I could pay those off this year. Starting work next week with income of $70,000. I've been struggling with total $17,000 in monthly mortgage payments. Can't refinance because I'm upside on house. I could be 20 years trying to get out from under this.
I've been advised by many to declare bankruptcy. What should I do?
Allow lender to take condo? Short Sale? Bankruptcy?

Guest

CORRECTION: Monthly Mortgage Payments Total: $1,700
1st: 1,100. 2nd is 400. HOA fees: 200.

Guest

only 2 percent of person get an actual loan modification....its a failed program. go talk to a ch.7 attorney. I did a ch.7 and in 2 years have my score back up to 680..i can get any auto loan and can even purchase again ...

Guest

If I work two jobs on full time do i have to report both jobs to the bank when doing a modification?

adonis · Posted: Thu Apr 22, 2010 12:22 am Post subject:

Welcome priss,

You will have to report about both the jobs to the bank while you apply for a modification. The lender will send you a financial worksheet which you need to fill out properly in order to get the loan modified.

oswingrant · Joined: 13 Mar 2010 Posts: 57 0.39 Dollars($)

The 1st choice would be Deed in lieu of Foreclose(DIL)above the others. However a DIL and a short sale has to be granted by your lender. Now if you are denied for the DIL and you can't sell the property in a short sale I would say bankruptcy would be the absolute last choice if you are determined to keep your property. However, I would not make this a 1st choice due to the credit implications, which is long lasting. Smile

[External link deactivated as per forum rules. Thanks.]

Guest

we just recieve paper for a forclosure, i have been paying a motification payment for 9mo. and they told me they can not do it. i was contacted by a person to help me with the bank on modification and in the mean time he said we need to put the house on market to stop the forclosure. my husband has been talking to a bankruptcy att. that said we need to fill chapter 11 to stop the forclosure we have to fill bankrupty anyway but wwe were filling chapter 7 and trying to keep the house. what should we do i need a outside appion. i want to do the right thing it is already sad ..

adonis · Posted: Fri Aug 13, 2010 12:59 am Post subject:

Welcome deedee,

Chapter 7 will help you in saving your property provided you sign the debt reaffirmation agreement with the lender. This will make you personally liable for the mortgage and you'll have to pay the mortgage dues on time in order to save the property.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours
Previous 1, 2
Page 2 of 2

Compare Mortgage Quotes

Short sale vs foreclosure or bankruptcy