---

How do I get out of my IL home loan?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
twsted1too Joined: 09 Mar 2010 Posts: 2 1.72 Dollars($)	Posted: Tue Mar 09, 2010 12:03 pm    Post subject: How do I get out of my IL home loan? Like 0 Dislike 0 My fiancee has a condo in IL which he is current, but soon will no longer be able to afford. He is currently on unemployment which will run out in June '10, and at that time he will no longer be able to pay on the property. We no longer live in the condo, because my job was transferred out of state. Our new residence is in my name only. We have never filed joint tax returns. What is the best way to get out of this IL loan, and not have to pay any taxes or penalties, or take huge hits on his credit report? If he does take a hit on his credit, how bad and how long to repair? Who do I need to consult to put into action the suggestions made? Thanks in advance.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Tue Mar 09, 2010 8:04 pm    Post subject: Like 0 Dislike 0 Hi twsted1too, Your fiancee should contact his lender and negotiate for a deed in lieu of foreclosure. If the lender accepts this, then your fiance would not be responsible for the deficient balance responsible from the sale of the property. However, his credit would get affected and it will be reduced by 250 points. After the sale is over, he can start taking steps in order to improve his credit score. Check out the given page to have a look at some of the steps to improve score: http://www.mortgagefit.com/credit-rating/credit-repair.html Thanks

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0