Posted on: 01st Aug, 2009 07:58 pm
hi,
i recently lost my job and now i can not pay my mortgage loan. how will i start the process of foreclosue.
i recently lost my job and now i can not pay my mortgage loan. how will i start the process of foreclosue.
katie
welcome to mortgagefit
foreclosure is a long process and you need to be defaulter on the payment atleast for 3-4 months.
You should write hardship letters to the lender in order to get the foreclosure.
keep in touch......
:arrow: :arrow: :arrow:
welcome to mortgagefit
foreclosure is a long process and you need to be defaulter on the payment atleast for 3-4 months.
You should write hardship letters to the lender in order to get the foreclosure.
keep in touch......
:arrow: :arrow: :arrow:
Hi katie,
There's no need to apply for a foreclosure. If you do not want to keep the property, you can apply for a deed in lieu of foreclosure. This will help you in selling off the property but you won't be liable for the deficient amount. It would be forgiven by the lender. However, similar to a foreclosure, the deed in lieu will lower your credit score by 250 points.
There's no need to apply for a foreclosure. If you do not want to keep the property, you can apply for a deed in lieu of foreclosure. This will help you in selling off the property but you won't be liable for the deficient amount. It would be forgiven by the lender. However, similar to a foreclosure, the deed in lieu will lower your credit score by 250 points.