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 paularoro
Joined: 16 May 2009
Posts: 3
1.77 Dollars($)
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 Posted: Sat May 16, 2009 6:19 am Post subject: short sale, deed in lieu, or modification. see details |
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| 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. |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Sat May 16, 2009 9:03 pm Post subject: |
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Well if you have finacial hardship, call your lender and see fi they cna help you modify the loan.
You need to write a hardship letter explaing your problem and whyyou cannot make payment. Sample letter is on this forum.
If you do a short sale it will affect yoru credit score. Also lender need to agree.
Deed in lieu, lender need to agree. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Sat May 16, 2009 10:10 pm Post subject: |
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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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