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paularoro · Joined: 16 May 2009 Posts: 3 1.77 Dollars($)

I bought a home in florida two years ago for $ 145000 now it appraise for 115000 it decrease in value my question is should I do a short sale, or deed in lieu or loan modification to lower the principal.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Well if you have finacial hardship, call your lender and see fi they cna help you modify the loan.

You need to write a hardship letter explaing your problem and whyyou cannot make payment. Sample letter is on this forum.

If you do a short sale it will affect yoru credit score. Also lender need to agree.

Deed in lieu, lender need to agree.

jameshogg · Posted: Sat May 16, 2009 10:10 pm Post subject:

Hi paularoro,

Whether it's a loan modification, deed in lieu or short sale, you need to convince the lender. If you want to save the property, then a loan modifcation is the best bet for you. If you can convince the lender, then there are chances that the lender would go for a principle reduction as well.

However, if you are not interested to save the property, then you can go for either short sale or a deed in lieu.

Thanks

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short sale, deed in lieu, or modification. see details