I'm ready to just walk away until i heard about deed in lieu

breezey_30309 · Joined: 21 Sep 2007 Posts: 1 1.65 Dollars($)

I am from a divorce 3 yrs ago. I have been struggling to keep the house (i don't know why!) for the last year I have been 2 payments behind but I can't do it anymore! I decided to put it on the market but when I started fixing things up I realized that it is going to cost me more money that i dont have - about $5k to $10k. I dont have this kind of money! My credit score has suffered greatly! My mortgage Co. has worked with me, do I speak to them about a deed in lieu? I am ready just to clear out the house and stop payments in all! Please help! Crying or Very sad

livinginnky · Posted: Fri Sep 21, 2007 3:22 pm Post subject:

The only people that can answer these questions are the lender you are currently with. Find out if they will take less than the mortgage payoff. Most lenders do not want to foreclose as this will cost them significantly. And if the house already needs repairs they will be getting a huge liability by foreclosing. This could allow you to price it more competitivley to sell faster. A great realtor can help you with this. Make sure that your realtor has a lot of experience with short sales and working with lenders close to foreclosure.

Do you have a 2nd mortgage also? These lenders are often much more willing to take short payoffs.

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