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jakensteinn · Joined: 23 Aug 2009 Posts: 5 3.55 Dollars($)

My wife and I bought our home three years ago when the housing boom was occuring in Bakersfield, California. We are now extremely upside down, over $100,000, and wish to move for various issues. We've been declined a refinance and loan modification. We can afford the payments but want to move. Everyone has advised us to do a short sale but those require a deliquency in payments right? How about a Deed in Lieu of foreclosure? Does anyone know how we can get out of this mortgage? The house and loan is only in my wife's name so I know that her credit will be destroyed but my credit is close to excellent so I am not worried about getting a loan in my name. I've already been preaproved for one. Is there any way out of this?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

It is still possible you need to call your bank and explain your financial situation to your lender

if they think it meets the needs they will probably approve it

robertcampbell07 · Joined: 25 Aug 2009 Posts: 52 -0.11 Dollars($)

jakensteinn,

yes you need to discuss it with lender.

you have mentioned that The house and loan is in your wife's name and you already have a preapproved loan.

but note that new lender can stop disbursement to you if he will come to know that you have not settled your old mortgage properly.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Yep Thats what I said

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How can I be approved of a short sale or Deed in Lieu when I am current on my mortgage payments?