Compare Mortgage Quotes

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

My friend purchase a house in 2001with his wife. He put down 5%. They got a PMI together. However, to receive that it had to be in both names. He's now divorce and been taking over payments he can not afford now. He would like to know how could he let go of the house without damaging credit badly.

gmakerley · Posted: Tue Dec 28, 2010 9:58 am Post subject:

If there's sufficient equity and he can sell it quickly, that's the way to go. If you're speaking about his going to foreclosure, there's no way to avoid damaging credit badly in that scenario.

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

Hi gmakerley,

Thanks for quick reply.
selling is best option in this scenario? Is there any other option to save damaging credit by any other means?
Please guide..

gmakerley · Posted: Tue Dec 28, 2010 10:21 am Post subject:

You mentioned "letting go" of the house - there aren't too many options involved in letting go...let it go to foreclosure...deed in lieu...sell it. If I have my druthers, I sell it.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

please guide my friend

Bookmark this page

Helpful References

Calculators

Financial Tools

Our Community

Community Rewards

Followers (252)

455 People like Mortgage

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1