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I bought a house in Florida in 2005 at the height of the market. I lost my job in mid-2008 and was involved in an auto accident that impacted my ability to work in late 2008. About six months ago I landed a great job in another state.

My Florida house was on the market as a short sale. About six months ago we received an offer from a qualified buyer, but the bank (a large one that accepted billions in federal bailout dollars) never responded and the buyer subsequently pulled out.

The lender recently refused another offer, saying it was too low and that I am not making money. They have offered me a loan modification, but will not tell me what the terms will be, which makes it impossible to plan my financial future.

The job I have pays well but is temporary for probably about another year. The Florida house is worth $110,000 less than I owe on it. Do I attempt to modify the mortgage or go for a deed in lieu?

Guest

To correct a typo in the above post, the bank refused the most recent short sale offer because it was too low and they said I AM making money now. Thanks for your replies!

adonis · Posted: Sun Feb 28, 2010 8:22 pm Post subject:

Welcome singlegal,

If you do not intend to return to that property in future, then it's better to apply for a deed in lieu of foreclosure with your lender. This will help you in getting rid of the property. However, if you plan to come back to Florida and stay in that property, then it's better to go for a loan modification and save your property from getting sold off.

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Loan modification vs. deed in lieu