get out from under loan

Guest 0.10 Dollars($)

I want to do the deed in liew of title but the bank says i need to put it on the market for 3 months. I have went from 2 incomes to 1 income Thats why I can not keep the house. I have only been in it 6 months. If I wait 3 1/2 months they will forclose. Is there a quick way to get out from under the house since I can not make the payment?

evolovik26 · Posted: Mon Feb 04, 2008 8:30 am Post subject:

not really
you sighned a note and now have to abide but what it is said in there
a lender has to agree to your suggestion
and since they stand to lose alot of money they might as well ask to try to sell it.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi jjmmna,

Welcome to the forum.

You can even try out short sale. See lenders do not always agree for DIL and it also affects your credit score more than Short sale. Short sale will only drop your credit score almost 80 points but in DIL process your credit score will be dropped for 250 points.

If you go for short sale you may be even get approved for another mortgage within 6 months.

Best of luck.
Larry

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