foreclosure

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My husband lost his job today after 11 years. We bought a home 2 years ago and we are currently paying the mortgage but we are not living there. We had to move this summer because my daughter was being bullied at her new school. The girls there kept jumping her, her grades dropped to 5 f's, and she no longer wanted to live. We made the choice to move our daughter out of the school district. We put our property up for sale last November and it has not sold yet. Now we can no longer keep up with the mortgage due to the loss of his income. What should I do? We were told that our credit score was one of the highest you can get. I hate to ruin the credit that we have always worked so hard for. Please give me some advice.
Lost in Indiana

jameshogg · Posted: Wed Aug 13, 2008 11:59 pm Post subject: RE: deed in lieu can help

Hi penny,

Welcome to forums.

I understand your problem. But the fact remains that if the house isn't selling, you may consider deeding back the property to the lender. However, it's going to affect your credit no doubt and it may even go down by 250 points or so. But yes, you can avoid paying the deficiency which you would have to pay in short sale.

Thanks

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