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aliciagondi · Joined: 06 Dec 2007 Posts: 1 1.29 Dollars($)

I purchased a house almost two years ago. I don't have equity in the property, and I can't make the payment for the month of January. I 've never had a late payment.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi aliciagondi,

Welcome to this forum.

You are paying your mortgage for almost two years. So how can you have no equity?

Now if you have problem with your loan payments, you should talk with your lender immediately. See if there are any affordable options available for you or not. You can go for options like forbearance or loan modification. Short sale is another option for you.

If you cannot afford any of these options, you can think about Deed in lieu of foreclosure. But it will hurt your credit score.

Feel free to ask if you have any further questions.

Thanks,
Larry

jenkin7 · Posted: Fri Dec 07, 2007 3:25 am Post subject:

Hello Aliciagondi,

Is it only for the month of January that you won't be able to make the payment?

If that is the case, you may talk to your lender for a forbearance or a mortgage modification, as Larry has already mentioned.

scherzeroni · Joined: 05 Jan 2008 Posts: 51 18.77 Dollars($)

If you would like to keep the property then you may be able to qualify for a forebearance with your lender. This is where they temporarily lower your mortgage payment for a few months. I give you tons of credit for looking for a solution early. You may be able to save your credit before its too late.

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deed in lieu of foreclosure