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 lila
Joined: 31 May 2009
Posts: 1
1.35 Dollars($)
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 Posted: Sun May 31, 2009 6:31 pm Post subject: Advice needed about the consequences of stopping mortgage pa |
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We recently MOVED from our home in Pocatello, Idaho as my
husband needed more progressive health care as he is fighting Prostate Cancer. We qualified on a home so we have
homeownership again. We have tried to sell our home in Pocatello and it is a very tough market in the $ 500,000 as
far as many people qualifying and even wanting a home. The
weather is a big factor.
We want to know what the chances are in restoring our credit
with the lender ASC---Wells Fargo. We are trying to have them do a Deed in lieu of Foreclosure. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Sun May 31, 2009 8:01 pm Post subject: |
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Hi lila,
If you qualify for a deed in lieu, it will lower your credit score by 250 points. You will have then take steps to restore your credit. There are various simple ways by which you would be able to increase your score. Check out the given page for the same:
http://www.mortgagefit.com/credit-rating/credit-repair.html
However, you should note that it will take quite some time to improve your score.
Thanks |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Tue Jun 02, 2009 5:39 pm Post subject: |
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lila
Welcoem to the forum.
I think you be in good shape if yoru lender agees for Deed in lieu.
But if you stop makign payments and the house goes in to forclsosure it will have large impact on yoru credit score. Probably you will end up looisng 250 points.
if deed in lieu does nto work out, try the short sale option.
Good luck and feel free to ask. |
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