foreclosure

Guest 0.10 Dollars($)

do I let my lender know or just leave the home and how it will effect my family.

smithsussane · Posted: Mon Sep 29, 2008 8:46 pm Post subject:

Hi tcast!

Welcome to the forums!

You cannot simply leave the home. You will have to let the lender know about it or else the lender will have the rights to take you to the courts. I can well understand that you are unable to pay the debts and thus planning to leave the house. There is the option of refinance. If your lender agrees for refinance, your problems will be resolved. You have the options of short sale and deed in lieu. Speak to your lender if he can offer any one of it you or not in case he cannot offer refinance.

If any of your family member is a co-signer to the loan, then the lender will ask that person to pay off the loan on your behalf.

Feel free to ask if you have further queries.

Sussane

0.10 Dollars($)

Hi tcast!

The lender with foreclose the property, if you just leave the house without informing him. It will be better if you inform the lender and see if you have the options of short sale or deed in lieu. If they are available, then you you should opt for any one of them. This will also have a less impact on your credit score as compared to foreclosure.

Yes, if any of your family members is a co-signer to the mortgage, then he or she will have to pay off the debts.

Thanks,

Jerry

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