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Is foreclosure right for me?

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treyterry Joined: 02 May 2010 Posts: 1 1.35 Dollars($)	Posted: Sun May 02, 2010 10:15 pm    Post subject: Is foreclosure right for me? Like 0 Dislike 0 I bought a home in Miami, Florida in 2005. In 2007 my work forced me to move and I was unable to sell the home because the market was so bad. I rented in Virginia for three years and now am being reassigned to Arizona, where I am buying a home. I lose $1200 a month on my home in florida due to the difference in the rent, ($1400 rent and my costs are $2550). I was consdering just letting the house in Florida go to foreclosure as I was told I wasn't eligible for a short sale since it has not been my primary residence. After reading some of the answers here I'm reconsidering as if I sold the home now, I would lose at least 40k. What are my options?
oswingrant Joined: 13 Mar 2010 Posts: 57 0.39 Dollars($)	Posted: Sun Jun 20, 2010 11:08 am    Post subject: foreclosure or not Like 0 Dislike 0 I would say if your lender does not want to offer you a short sale. Try to get a loan modification, where they put your past due balance back into the loan and start your over new again, if your haven't already requested one. If that does not work out, ask for a deed in lieu of foreclosure, or list it for sale and if you get offers that seem reasonable submit the offers to them for an approval. If nothing else works and then let it foreclose, but that would be one of my last options considering it's long term effect on your credit. It would take some time to get another mortgage loan. _________________ Your Mortgage Crisis Can be Fixed!

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